NPORT-P
    false
    
      
      
        
          0000315754
          XXXXXXXX
        
      
      
      
      
        S000056646
        C000179133
      
      
      
    
  
  
    
      Ohio National Fund, Inc.
      811-03015
      0000315754
      549300SHHOKKW21K3S36
      One Financial Way
      Cincinnati
      
      45242
      513-794-6971
      ON Growth Model Portfolio
      S000056646
      5493008EEBT362QEOY35
      2022-12-31
      2022-03-31
      N
    
    
      407906293.810000000000
      153582.650000000000
      407752711.160000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      N
      
        
          
        
        
        
        
      
      
      
      
    
    
      
        Dfa Invt Dimensions Group Inc
        549300XGRTBJCE41BD26
        DFA INTERNATIONAL CORE EQUITY DFA INTERNATIONAL CORE EQTY
        233203371
        
          
          
          
        
        1873181.9990000000
        NS
        USD
        28622220.9400000000
        7.0194976109
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dfa Invt Dimensions Group Inc
        549300XGRTBJCE41BD26
        DFA EMERGING MARKETS PORTFOLIO DFA EMERGING MARKETS PORT
        233203785
        
          
          
        
        668519.0550000000
        NS
        USD
        20282868.1300000000
        4.9743010746
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Adv Vii T
        PM3JTBFBEM0RCCY2GO89
        FIDELITY ADVISOR REAL ESTATE F FIDELITY ADV REAL ESTATE I
        315918292
        
          
          
          
        
        173081.7430000000
        NS
        USD
        4174731.6400000000
        1.0238380465
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OHIO NATL FD INC ON BOND
        N/A
        OHIO NATL FD INC ON BOND
        677410300
        
          
        
        217091.4780000000
        NS
        USD
        3994483.2000000000
        0.9796327594
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OHIO NATL FD INC ON INTERNATIONAL EQUITY
        N/A
        OHIO NATL FD INC ON INTERNATIONAL EQUITY
        677410508
        
          
        
        2852143.3910000000
        NS
        USD
        48686087.6800000000
        11.9400893757
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OHIO NATL FD INC ON AB RELATIVE VALUE
        N/A
        OHIO NATL FD INC ON AB RELATIVE VALUE
        677410581
        
          
        
        1199839.8440000000
        NS
        USD
        12478334.3800000000
        3.0602670056
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ohio Natl Fd Inc
        N/A
        OHIO NATL FD INC ON BR ADV LARGE CAP GROWTH
        677410722
        
          
        
        266628.8870000000
        NS
        USD
        8033528.3700000000
        1.9701941830
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ohio Natl Fd Inc
        N/A
        OHIO NATL FD INC ON S+P MIDCAP 400 INDEX
        677410748
        
          
        
        1917036.9660000000
        NS
        USD
        47772561.1900000000
        11.7160502619
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OHIO NATL FD INC ON BR ADV SMALL CAP GROWTH
        N/A
        OHIO NATL FD INC ON BR ADV SMALL CAP GROWTH
        677410789
        
          
        
        531248.3350000000
        NS
        USD
        17770256.8100000000
        4.3580921091
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ohio Natl Fd Inc
        N/A
        OHIO NATL FD INC ON BR ADV LARGE CAP CORE
        677410797
        
          
        
        591136.5490000000
        NS
        USD
        24963696.4600000000
        6.1222575295
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ohio Natl Fd Inc
        N/A
        OHIO NATL FD INC ON NASDAQ 100 INDEX
        677410813
        
          
        
        625971.7400000000
        NS
        USD
        16281524.9600000000
        3.9929859321
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OHIO NATL FD INC ON FED HIGH INCOME BOND
        N/A
        OHIO NATL FD INC ON FED HIGH INCOME BOND
        677410839
        
          
        
        197527.9160000000
        NS
        USD
        4084877.3000000000
        1.0018015900
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ohio Natl Fd Inc
        N/A
        OHIO NATL FD INC ON BR ADV LARGE CAP VALUE
        677410847
        
          
        
        1444198.4440000000
        NS
        USD
        33404310.0100000000
        8.1922879011
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ohio Natl Fd Inc
        N/A
        OHIO NATL FD INC ON S+P 500 INDEX
        677410854
        
          
        
        1712085.0990000000
        NS
        USD
        75383106.9100000000
        18.4874381330
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OHIO NATL FD INC ON AB MID CAP CORE
        N/A
        OHIO NATL FD INC ON JH ENTERPRISE
        677410862
        
          
        
        71892.3420000000
        NS
        USD
        4039630.7000000000
        0.9907050228
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OHIO NATL FD INC ON AB SMALL CAP
        N/A
        OHIO NATL FD INC ON JH VENTURE
        677410870
        
          
        
        421086.4800000000
        NS
        USD
        15483349.8700000000
        3.7972363378
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OHIO NATL FD INC ON JH FORTY
        N/A
        OHIO NATL FD INC ON JH FORTY
        677410888
        
          
        
        370246.6480000000
        NS
        USD
        11796058.2100000000
        2.8929412080
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pimco Fds Pacific Invt Mgmt Ser
        GCOBPT5OHTVIN37L8N43
        PIMCO TOTAL RETURN FUND PIMCO TOTAL RETURN FUND INST
        693390700
        
          
          
          
        
        416637.5600000000
        NS
        USD
        3991387.8200000000
        0.9788736285
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vanguard World Fd
        549300MP6BT0L4Q61L10
        VANGUARD INTERNATIONAL GROWTH VANGUARD INTL GROWTH ADM
        921910501
        
          
          
          
        
        160837.3470000000
        NS
        USD
        18718250.4400000000
        4.5905841660
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Asset Fds
        5493004NC00X8WKL1P34
        WESTERN ASSET CORE PLUS BOND F WESTERN ASST CORE PL BND S
        957663669
        
          
          
          
        
        728426.8440000000
        NS
        USD
        7867009.9200000000
        1.9293561270
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-20
      Ohio National Fund, Inc.
      R. Todd Brockman
      R. Todd Brockman
      Treasurer
    
  
  XXXX
Ohio National Fund, Inc. ON Bond Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds–93.4% Rate Maturity Face Amount Value
Communication Services–6.2%
 		         
AT&T, Inc. (Diversified Telecom. Svs.)
  4.900% 08/15/2037 $1,000,000 $  1,101,123
Charter Communications Operating LLC / Charter Communications Operating Capital (Media)
  3.700% 04/01/2051 2,800,000   2,307,476
Comcast Corp. (Media)
  3.250% 11/01/2039 3,000,000   2,844,623
Lamar Media Corp. (Media)
  4.875% 01/15/2029 1,200,000   1,191,000
Rogers Communications, Inc. (Wireless Telecom. Svs.)
  3.700% 11/15/2049 2,100,000   1,867,577
Time Warner Cable LLC (Media)
  6.550% 05/01/2037   850,000     977,525
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  3.875% 04/15/2030 1,800,000   1,806,910
Verizon Communications, Inc. (Diversified Telecom. Svs.)
  4.400% 11/01/2034 1,500,000   1,595,897
Verizon Communications, Inc. (Diversified Telecom. Svs.)
  2.875% 11/20/2050 1,000,000     835,523
Walt Disney Co. / The (Entertainment)
  3.600% 01/13/2051 1,000,000     988,772
           15,516,426
Consumer Discretionary–8.4%
 		         
Amazon.com, Inc. (Internet & Direct Marketing Retail)
  3.875% 08/22/2037 1,000,000   1,058,439
Aptiv PLC (Auto Components)
  4.350% 03/15/2029 1,000,000   1,028,924
Aptiv PLC / Aptiv Corp. (Auto Components)
  3.250% 03/01/2032 2,000,000   1,895,596
Best Buy Co., Inc. (Specialty Retail)
  1.950% 10/01/2030 3,000,000   2,626,330
Expedia Group, Inc. (Hotels, Restaurants & Leisure)
  4.625% 08/01/2027 1,000,000   1,038,747
Hasbro, Inc. (Leisure Products)
  3.900% 11/19/2029 3,000,000   3,010,361
Home Depot, Inc. / The (Specialty Retail)
  2.375% 03/15/2051 2,000,000   1,603,632
Lear Corp. (Auto Components)
  4.250% 05/15/2029 4,000,000   4,049,483
Lowe's Cos., Inc. (Specialty Retail)
  3.000% 10/15/2050 2,000,000   1,701,503
M.D.C. Holdings, Inc. (Household Durables)
  3.850% 01/15/2030 2,000,000   1,944,286
Magna International, Inc. (Auto Components)
  3.625% 06/15/2024 1,000,000   1,010,695
           20,967,996
Consumer Staples–10.6%
 		         
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)
  4.700% 02/01/2036 2,000,000   2,145,031
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)
  4.900% 02/01/2046 1,000,000   1,112,145
Anheuser-Busch InBev Worldwide, Inc. (Beverages)
  4.600% 04/15/2048 2,000,000   2,158,548
B.A.T. Capital Corp. (Tobacco)
  3.215% 09/06/2026 1,000,000     968,040
B.A.T. Capital Corp. (Tobacco)
  4.700% 04/02/2027 2,000,000   2,051,294
Campbell Soup Co. (Food Products)
  4.150% 03/15/2028 4,000,000   4,098,336
Coca-Cola Co. / The (Beverages)
  3.000% 03/05/2051 1,000,000     920,609
Coca-Cola Co. / The (Beverages)
  2.500% 03/15/2051 1,000,000     836,169
Hershey Co. / The (Food Products)
  1.700% 06/01/2030 1,800,000   1,619,511
Keurig Dr Pepper, Inc. (Beverages)
  3.430% 06/15/2027 3,000,000   2,998,880
Kimberly-Clark Corp. (Household Products)
  1.050% 09/15/2027 2,000,000   1,813,161
Kraft Heinz Foods Co. (Food Products)
  4.625% 10/01/2039 1,200,000   1,216,116
Philip Morris International, Inc. (Tobacco)
  3.375% 08/15/2029 2,500,000   2,483,946
Smithfield Foods, Inc. (Food Products)
  (a) 3.000% 10/15/2030 2,000,000   1,815,123
           26,236,909
Energy–7.8%
 		         
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc. (Energy Equip. & Svs.)
  4.080% 12/15/2047 2,000,000   2,020,204
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)
  3.017% 01/16/2027 1,000,000     997,274
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)
  1.749% 08/10/2030 1,000,000     884,421
Chevron Corp. (Oil, Gas & Consumable Fuels)
  2.236% 05/11/2030 1,800,000   1,702,162
Energy Transfer LP (Oil, Gas & Consumable Fuels)
  4.950% 06/15/2028 2,000,000   2,100,477
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)
  4.114% 03/01/2046   900,000     967,331
Halliburton Co. (Energy Equip. & Svs.)
  4.850% 11/15/2035 1,000,000   1,074,408
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)
  5.300% 12/01/2034 1,000,000   1,095,978
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)
  4.750% 09/15/2044 1,000,000   1,016,806
ONEOK, Inc. (Oil, Gas & Consumable Fuels)
  5.850% 01/15/2026 1,200,000   1,289,730
ONEOK, Inc. (Oil, Gas & Consumable Fuels)
  6.000% 06/15/2035 1,000,000   1,104,600
Shell International Finance B.V. (Oil, Gas & Consumable Fuels)
  4.000% 05/10/2046 1,000,000   1,042,621
Tennessee Gas Pipeline Co. LLC (Oil, Gas & Consumable Fuels)
  (a) 2.900% 03/01/2030 1,000,000     938,082
Texas Eastern Transmission LP (Oil, Gas & Consumable Fuels)
  (a) 4.150% 01/15/2048 1,000,000   1,007,286
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)
  3.750% 06/15/2027 1,000,000   1,010,926
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)
  5.400% 03/04/2044 1,000,000   1,097,999
           19,350,305
Financials–26.0%
 		         
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)
  3.300% 01/23/2023 2,000,000   2,005,880
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)
  3.300% 01/30/2032 1,500,000   1,352,189
American International Group, Inc. (Insurance)
  3.875% 01/15/2035 2,500,000   2,547,442
Ares Capital Corp. (Capital Markets)
  3.200% 11/15/2031 3,500,000   2,966,096
Bank of America Corp. (Banks)
  3.875% 08/01/2025 1,000,000   1,028,095
Bank of America Corp. (Rate is fixed until 03/08/2032, at which point, the rate becomes H15T5Y + 200) (Banks)
  (b) 3.846% 03/08/2037 1,000,000     957,622
Bank of America Corp. (Rate is fixed until 04/24/2037, at which point, the rate becomes QL + 181) (Banks)
  (b) 4.244% 04/24/2038 1,000,000   1,041,871
Bank of Montreal (Rate is fixed until 12/15/2027, at which point, the rate becomes USSW5 + 143) (Banks)
  (b) 3.803% 12/15/2032 2,800,000   2,767,016
BlackRock, Inc. (Capital Markets)
  2.400% 04/30/2030 1,000,000     949,555
BlackRock, Inc. (Capital Markets)
  2.100% 02/25/2032 2,000,000   1,812,564
1
(continued)
Ohio National Fund, Inc. ON Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Financials (continued)          
Capital One Bank U.S.A. N.A. (Rate is fixed until 01/28/2025, at which point, the rate becomes SOFR + 91) (Consumer Finance)
  (b) 2.280% 01/28/2026 $1,500,000 $  1,455,380
Charles Schwab Corp. / The (Capital Markets)
  3.300% 04/01/2027 2,000,000   2,013,249
Citigroup, Inc. (Banks)
  4.400% 06/10/2025 2,000,000   2,057,395
Citigroup, Inc. (Banks)
  3.700% 01/12/2026 1,000,000   1,012,307
Citigroup, Inc. (Banks)
  4.450% 09/29/2027 2,000,000   2,062,873
Discover Bank (Rate is fixed until 08/09/2023, at which point, the rate becomes USSW5 + 173) (Banks)
  (b) 4.682% 08/09/2028 2,000,000   2,028,104
General Motors Financial Co., Inc. (Consumer Finance)
  QL + 99 01/05/2023 2,000,000   1,996,059
Goldman Sachs Group, Inc. / The (Capital Markets)
  3.750% 05/22/2025 2,000,000   2,030,101
Intercontinental Exchange, Inc. (Capital Markets)
  3.750% 12/01/2025 1,000,000   1,027,753
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. (Diversified Financial Svs.)
  4.850% 01/15/2027 1,800,000   1,887,196
JPMorgan Chase & Co. (Banks)
  3.625% 12/01/2027 2,000,000   2,004,899
JPMorgan Chase & Co. (Rate is fixed until 05/13/2030, at which point, the rate becomes SOFR + 252) (Banks)
  (b) 2.956% 05/13/2031 2,000,000   1,871,393
Marsh & McLennan Cos., Inc. (Insurance)
  3.500% 06/03/2024 1,400,000   1,417,135
Morgan Stanley (Capital Markets)
  3.950% 04/23/2027 1,000,000   1,016,152
Morgan Stanley (Rate is fixed until 01/23/2029, at which point, the rate becomes QL + 163) (Capital Markets)
  (b) 4.431% 01/23/2030 2,000,000   2,091,170
Morgan Stanley Domestic Holdings, Inc. (Capital Markets)
  2.950% 08/24/2022 1,000,000   1,004,971
Nasdaq, Inc. (Capital Markets)
  3.850% 06/30/2026 2,000,000   2,039,199
PNC Bank N.A. (Banks)
  2.700% 10/22/2029 2,500,000   2,400,322
State Street Corp. (Capital Markets)
  2.200% 03/03/2031 2,000,000   1,805,837
Synchrony Financial (Consumer Finance)
  4.250% 08/15/2024 1,000,000   1,013,952
Synchrony Financial (Consumer Finance)
  5.150% 03/19/2029 2,000,000   2,095,225
Truist Bank (Banks)
  3.625% 09/16/2025 1,000,000   1,012,127
U.S. Bancorp (Banks)
  1.375% 07/22/2030 2,000,000   1,731,035
Wells Fargo & Co. (Banks)
  3.000% 04/22/2026 1,000,000     990,286
Wells Fargo & Co. (Rate is fixed until 10/30/2029, at which point, the rate becomes SOFR + 143) (Banks)
  (b) 2.879% 10/30/2030 2,000,000   1,900,877
Wells Fargo & Co. (Rate is fixed until 04/30/2040, at which point, the rate becomes SOFR + 253) (Banks)
  (b) 3.068% 04/30/2041 1,200,000   1,078,770
Wells Fargo & Co. (Banks)
  4.650% 11/04/2044 1,000,000   1,063,108
Westpac Banking Corp. (Rate is fixed until 02/04/2025, at which point, the rate becomes H15T5Y + 135) (Banks)
  (b) 2.894% 02/04/2030 1,500,000   1,446,305
Westpac Banking Corp. (Rate is fixed until 11/23/2026, at which point, the rate becomes USISDA05 + 224) (Banks)
  (b) 4.322% 11/23/2031 1,800,000   1,810,326
           64,791,836
Health Care–3.9%
 		         
AbbVie, Inc. (Biotechnology)
  3.200% 11/21/2029 1,000,000     988,109
AbbVie, Inc. (Biotechnology)
  4.250% 11/21/2049 3,000,000   3,113,150
HCA, Inc. (Health Care Providers & Svs.)
  5.250% 06/15/2026 1,000,000   1,055,505
Quest Diagnostics, Inc. (Health Care Providers & Svs.)
  2.950% 06/30/2030 2,000,000   1,897,384
Quest Diagnostics, Inc. (Health Care Providers & Svs.)
  2.800% 06/30/2031 1,200,000   1,122,322
Regeneron Pharmaceuticals, Inc. (Biotechnology)
  1.750% 09/15/2030 1,800,000   1,561,997
            9,738,467
Industrials–9.6%
 		         
Air Lease Corp. (Trading Companies & Distributors)
  2.250% 01/15/2023 2,000,000   2,000,726
Air Lease Corp. (Trading Companies & Distributors)
  2.300% 02/01/2025 2,000,000   1,923,741
BAE Systems PLC (Aerospace & Defense)
  (a) 1.900% 02/15/2031 2,000,000   1,736,494
Boeing Co. / The (Aerospace & Defense)
  3.200% 03/01/2029 3,000,000   2,858,787
Burlington Northern Santa Fe LLC (Road & Rail)
  4.550% 09/01/2044   900,000     997,605
Canadian Pacific Railway Co. (Road & Rail)
  2.050% 03/05/2030 1,300,000   1,190,855
FedEx Corp. (Air Freight & Logistics)
  4.900% 01/15/2034 2,000,000   2,207,855
Lockheed Martin Corp. (Aerospace & Defense)
  1.850% 06/15/2030 1,200,000   1,088,372
Lockheed Martin Corp. (Aerospace & Defense)
  3.600% 03/01/2035 1,000,000   1,010,394
Northrop Grumman Corp. (Aerospace & Defense)
  2.930% 01/15/2025 2,500,000   2,505,568
Parker-Hannifin Corp. (Machinery)
  4.200% 11/21/2034 1,400,000   1,428,936
Union Pacific Corp. (Road & Rail)
  3.250% 08/15/2025 1,000,000   1,004,639
United Rentals North America, Inc. (Trading Companies & Distributors)
  5.250% 01/15/2030 2,000,000   2,062,500
Waste Connections, Inc. (Commercial Svs. & Supplies)
  4.250% 12/01/2028 1,800,000   1,866,981
           23,883,453
Information Technology–2.1%
 		         
Broadcom, Inc. (Semiconductors & Equip.)
  (a) 2.600% 02/15/2033 2,000,000   1,736,327
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)
  4.875% 03/01/2024   900,000     918,000
VMware, Inc. (Software)
  2.200% 08/15/2031 2,800,000   2,465,212
            5,119,539
Materials–7.4%
 		         
Anglo American Capital PLC (Metals & Mining)
  (a) 4.750% 04/10/2027 1,000,000   1,037,200
Anglo American Capital PLC (Metals & Mining)
  (a) 4.000% 09/11/2027   800,000     801,560
Dow Chemical Co. / The (Chemicals)
  4.250% 10/01/2034 1,402,000   1,443,060
Glencore Funding LLC (Metals & Mining)
  (a) 2.850% 04/27/2031 2,000,000   1,826,361
Kinross Gold Corp. (Metals & Mining)
  4.500% 07/15/2027 3,000,000   3,073,448
Mosaic Co. / The (Chemicals)
  4.050% 11/15/2027 3,000,000   3,072,982
2
(continued)
Ohio National Fund, Inc. ON Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Materials (continued)          
Nutrien Ltd. (Chemicals)
  4.200% 04/01/2029 $1,900,000 $  1,985,416
RPM International, Inc. (Chemicals)
  4.250% 01/15/2048 3,000,000   3,034,296
Steel Dynamics, Inc. (Metals & Mining)
  3.250% 01/15/2031 1,200,000   1,163,371
Syngenta Finance N.V. (Chemicals)
  (a) 5.182% 04/24/2028 1,000,000   1,032,588
           18,470,282
Real Estate–3.5%
 		         
Alexandria Real Estate Equities, Inc. (Equity REIT)
  3.950% 01/15/2028 1,000,000   1,021,071
Federal Realty Investment Trust (Equity REIT)
  3.250% 07/15/2027 2,000,000   1,965,183
Healthcare Realty Trust, Inc. (Equity REIT)
  3.875% 05/01/2025 1,400,000   1,409,515
Healthcare Realty Trust, Inc. (Equity REIT)
  3.625% 01/15/2028 1,000,000     990,426
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)
  (a) 4.625% 12/01/2029 1,300,000   1,296,750
Welltower, Inc. (Equity REIT)
  4.250% 04/01/2026 1,000,000   1,027,650
Welltower, Inc. (Equity REIT)
  2.700% 02/15/2027 1,000,000     977,858
            8,688,453
Utilities–7.9%
 		         
AEP Transmission Co. LLC (Electric Utilities)
  4.000% 12/01/2046 1,000,000   1,018,127
AEP Transmission Co. LLC (Electric Utilities)
  3.750% 12/01/2047 1,351,000   1,326,818
Ameren Corp. (Multi-Utilities)
  3.500% 01/15/2031 2,000,000   1,972,850
American Water Capital Corp. (Water Utilities)
  4.300% 12/01/2042 1,400,000   1,455,212
Berkshire Hathaway Energy Co. (Multi-Utilities)
  3.250% 04/15/2028 1,900,000   1,900,875
Commonwealth Edison Co. (Electric Utilities)
  4.350% 11/15/2045 2,000,000   2,131,561
Connecticut Light & Power Co. / The (Electric Utilities)
  4.000% 04/01/2048 1,000,000   1,050,842
Duke Energy Corp. (Electric Utilities)
  3.750% 09/01/2046 1,000,000     943,906
Eversource Energy (Electric Utilities)
  3.300% 01/15/2028 1,000,000     981,833
FirstEnergy Transmission LLC (Electric Utilities)
  (a) 4.550% 04/01/2049 1,800,000   1,719,701
Florida Power & Light Co. (Electric Utilities)
  3.150% 10/01/2049 2,000,000   1,864,211
Jersey Central Power & Light Co. (Electric Utilities)
  (a) 4.300% 01/15/2026   900,000     918,731
Public Service Electric & Gas Co. (Multi-Utilities)
  3.600% 12/01/2047 1,500,000   1,480,941
Southwest Gas Corp. (Gas Utilities)
  3.875% 04/01/2022 1,000,000   1,000,000
           19,765,608
Total Corporate Bonds (Cost $237,638,144)
        $232,529,274
    
Asset-Backed Securities–2.6% Rate Maturity Face Amount Value
Industrials–2.6%
 		         
Air Canada 2017-1 Class B Pass Through Trust
  (a) 3.700% 01/15/2026 $1,643,518 $  1,569,098
American Airlines 2015-1 Class B Pass Through Trust
  3.700% 05/01/2023   432,053      423,053
FedEx Corp. 2020-1 Class AA Pass Through Trust
  1.875% 02/20/2034 2,759,373    2,512,652
United Airlines 2016-1 Class B Pass Through Trust
  3.650% 01/07/2026 1,183,333    1,116,566
United Airlines 2019-2 Class AA Pass Through Trust
  2.700% 05/01/2032   935,578     856,453
Total Asset-Backed Securities (Cost $6,953,944)
          $6,477,822
    
Money Market Funds–2.1% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (c) 5,127,152 $  5,126,639
Total Money Market Funds (Cost $5,125,758)
      $5,126,639
Total Investments – 98.1% (Cost $249,717,846)
  (d)   $244,133,735
Other Assets in Excess of Liabilities – 1.9%
    4,736,984
Net Assets – 100.0%     $248,870,719
    
Percentages are stated as a percent of net assets.
    
Abbreviations:  
H15T5Y: U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 2.420% at 03/31/2022
QL: Quarterly U.S. LIBOR Rate, 0.962% at 03/31/2022
SOFR: Secured Overnight Financing Rate, 0.290% at 03/31/2022
USISDA05: USD ICE Swap Rate 11:00am NY 5 Year, 2.465% at 03/31/2022
USSW5: USD Swap Semi 30/360 5 Year, 2.523% at 03/31/2022
    
Footnotes:  
(a) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At March 31, 2022, the value of these securities totaled $17,435,301, or 7.0% of the Portfolio’s net assets.
(b) Security is a fixed-then-variable rate instrument in which the coupon or dividend rate is fixed until a later specified date, then is adjusted periodically. Rates stated, including interest rate caps and floors, if any, are those in effect at March 31, 2022.
(c) Rate represents the seven-day yield at March 31, 2022.
(d) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
3
Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–72.0% Shares Value
Communication Services–6.4%
 		     
Alphabet, Inc. Class A (Interactive Media & Svs.)
  (a) 3,615 $ 10,054,580
Alphabet, Inc. Class C (Interactive Media & Svs.)
  (a) 2,656    7,418,181
Altice U.S.A., Inc. Class A (Media)
  (a) 16,155      201,614
AT&T, Inc. (Diversified Telecom. Svs.)
  47,877    1,131,334
Charter Communications, Inc. Class A (Media)
  (a) 2,186    1,192,507
Comcast Corp. Class A (Media)
  100,332    4,697,544
Discovery, Inc. Class C (Media)
  (a) 2,909       72,638
Fox Corp. Class A (Media)
  68,698    2,710,136
Fox Corp. Class B (Media)
  1,543       55,980
Meta Platforms, Inc. Class A (Interactive Media & Svs.)
  (a) 19,324    4,296,885
Spotify Technology SA (Entertainment)
  (a) 1,857      280,444
United States Cellular Corp. (Wireless Telecom. Svs.)
  (a) 4,564     137,970
       32,249,813
Consumer Discretionary–8.3%
 		     
Amazon.com, Inc. (Internet & Direct Marketing Retail)
  (a) 4,351   14,184,042
Best Buy Co., Inc. (Specialty Retail)
  1,949      177,164
BorgWarner, Inc. (Auto Components)
  12,763      496,481
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)
  805      114,117
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)
  158       64,308
Etsy, Inc. (Internet & Direct Marketing Retail)
  (a) 913      113,468
Expedia Group, Inc. (Hotels, Restaurants & Leisure)
  (a) 471       92,161
Ford Motor Co. (Automobiles)
  12,906      218,240
Garmin Ltd. (Household Durables)
  2,914      345,630
General Motors Co. (Automobiles)
  (a) 24,556    1,074,079
Goodyear Tire & Rubber Co. / The (Auto Components)
  (a) 4,045       57,803
H&R Block, Inc. (Diversified Consumer Svs.)
  26,120      680,165
Home Depot, Inc. / The (Specialty Retail)
  16,499    4,938,646
Lennar Corp. Class A (Household Durables)
  1,035       84,011
Lowe's Cos., Inc. (Specialty Retail)
  6,728    1,360,334
McDonald's Corp. (Hotels, Restaurants & Leisure)
  7,504    1,855,589
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)
  3,041      409,197
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)
  2,758      312,868
Service Corp. International (Diversified Consumer Svs.)
  9,409      619,300
Target Corp. (Multiline Retail)
  13,719    2,911,446
Tesla, Inc. (Automobiles)
  (a) 7,897    8,509,807
Travel + Leisure Co. (Hotels, Restaurants & Leisure)
  22,180    1,285,109
Whirlpool Corp. (Household Durables)
  5,131      886,534
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)
  8,780   1,040,693
       41,831,192
Consumer Staples–4.1%
 		     
Brown-Forman Corp. Class B (Beverages)
  21,174    1,419,081
Bunge Ltd. (Food Products)
  5,645      625,522
Church & Dwight Co., Inc. (Household Products)
  3,876      385,197
Coca-Cola Europacific Partners PLC (Beverages)
  11,909      578,897
Colgate-Palmolive Co. (Household Products)
  61,866    4,691,299
Costco Wholesale Corp. (Food & Staples Retailing)
  2,783    1,602,591
Estee Lauder Cos., Inc. / The Class A (Personal Products)
  787      214,316
Kellogg Co. (Food Products)
  14,977      965,867
Keurig Dr Pepper, Inc. (Beverages)
  37,208    1,410,183
McCormick & Co., Inc. (Food Products)
  6,567      655,387
PepsiCo, Inc. (Beverages)
  14,509    2,428,516
Philip Morris International, Inc. (Tobacco)
  1,926      180,928
Procter & Gamble Co. / The (Household Products)
  13,180    2,013,904
Walmart, Inc. (Food & Staples Retailing)
  24,140   3,594,929
       20,766,617
Energy–3.2%
 		     
Chevron Corp. (Oil, Gas & Consumable Fuels)
  920      149,804
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)
  928       56,914
Devon Energy Corp. (Oil, Gas & Consumable Fuels)
  12,441      735,636
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)
  1,246      170,802
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)
  22,312    2,660,260
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)
  78,663    6,496,777
Halliburton Co. (Energy Equip. & Svs.)
  27,494    1,041,198
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)
  73,320    1,841,065
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)
  7,061      381,788
Phillips 66 (Oil, Gas & Consumable Fuels)
  7,172      619,589
4
(continued)
Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Energy (continued)      
Schlumberger N.V. (Energy Equip. & Svs.)
  34,092 $  1,408,341
Targa Resources Corp. (Oil, Gas & Consumable Fuels)
  736       55,546
Valero Energy Corp. (Oil, Gas & Consumable Fuels)
  3,934     399,458
       16,017,178
Financials–7.8%
 		     
Ally Financial, Inc. (Consumer Finance)
  36,275    1,577,237
American Express Co. (Consumer Finance)
  11,222    2,098,514
Bank of America Corp. (Banks)
  152,269    6,276,528
Bank of New York Mellon Corp. / The (Capital Markets)
  1,095       54,345
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.)
  (a) 6,076    2,144,281
Capital One Financial Corp. (Consumer Finance)
  3,559      467,261
Charles Schwab Corp. / The (Capital Markets)
  2,657      224,012
Citigroup, Inc. (Banks)
  29,210    1,559,814
FactSet Research Systems, Inc. (Capital Markets)
  1,213      526,624
Goldman Sachs Group, Inc. / The (Capital Markets)
  1,102      363,770
JPMorgan Chase & Co. (Banks)
  27,991    3,815,733
Marsh & McLennan Cos., Inc. (Insurance)
  9,692    1,651,711
MetLife, Inc. (Insurance)
  62,947    4,423,915
Moody's Corp. (Capital Markets)
  4,323    1,458,623
Pinnacle Financial Partners, Inc. (Banks)
  6,694      616,384
PNC Financial Services Group, Inc. / The (Banks)
  4,172      769,525
Regions Financial Corp. (Banks)
  92,939    2,068,822
S&P Global, Inc. (Capital Markets)
  6,413    2,630,484
Stifel Financial Corp. (Capital Markets)
  603       40,944
Travelers Cos., Inc. / The (Insurance)
  14,056    2,568,453
Truist Financial Corp. (Banks)
  8,563      485,522
Voya Financial, Inc. (Diversified Financial Svs.)
  53,305    3,536,787
Wells Fargo & Co. (Banks)
  5,963     288,967
       39,648,256
Health Care–10.2%
 		     
Abbott Laboratories (Health Care Equip. & Supplies)
  9,478    1,121,816
AbbVie, Inc. (Biotechnology)
  3,837      622,016
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)
  32,830    4,344,394
Align Technology, Inc. (Health Care Equip. & Supplies)
  (a) 795      346,620
Amgen, Inc. (Biotechnology)
  14,020    3,390,316
Anthem, Inc. (Health Care Providers & Svs.)
  8,280    4,067,302
Biogen, Inc. (Biotechnology)
  (a) 1,836      386,662
Boston Scientific Corp. (Health Care Equip. & Supplies)
  (a) 45,966    2,035,834
Cigna Corp. (Health Care Providers & Svs.)
  3,271      783,764
CVS Health Corp. (Health Care Providers & Svs.)
  20,234    2,047,883
Danaher Corp. (Life Sciences Tools & Svs.)
  11,929    3,499,134
Eli Lilly & Co. (Pharmaceuticals)
  1,415      405,214
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)
  (a) 4,711    2,577,200
Johnson & Johnson (Pharmaceuticals)
  44,409    7,870,607
McKesson Corp. (Health Care Providers & Svs.)
  2,204      674,710
Medtronic PLC (Health Care Equip. & Supplies)
  6,061      672,468
Merck & Co., Inc. (Pharmaceuticals)
  41,371    3,394,491
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)
  (a) 671      921,410
Molina Healthcare, Inc. (Health Care Providers & Svs.)
  (a) 1,286      428,997
Pfizer, Inc. (Pharmaceuticals)
  44,494    2,303,454
Syneos Health, Inc. (Life Sciences Tools & Svs.)
  (a) 22,108    1,789,643
Teladoc Health, Inc. (Health Care Technology)
  (a) 5,243      378,178
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)
  4,010    2,368,506
UnitedHealth Group, Inc. (Health Care Providers & Svs.)
  2,203    1,123,464
Zoetis, Inc. (Pharmaceuticals)
  21,204   3,998,862
       51,552,945
Industrials–5.9%
 		     
Alaska Air Group, Inc. (Airlines)
  (a) 10,357      600,810
AMETEK, Inc. (Electrical Equip.)
  2,840      378,231
Boeing Co. / The (Aerospace & Defense)
  (a) 5,529    1,058,803
Caterpillar, Inc. (Machinery)
  1,338      298,133
CSX Corp. (Road & Rail)
  4,194      157,065
Cummins, Inc. (Machinery)
  1,679      344,380
Curtiss-Wright Corp. (Aerospace & Defense)
  7,669    1,151,577
Delta Air Lines, Inc. (Airlines)
  (a) 5,884      232,830
Eaton Corp. PLC (Electrical Equip.)
  16,338    2,479,455
Equifax, Inc. (Professional Svs.)
  865      205,091
5
(continued)
Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Industrials (continued)      
Expeditors International of Washington, Inc. (Air Freight & Logistics)
  1,411 $    145,559
General Dynamics Corp. (Aerospace & Defense)
  16,276    3,925,446
HEICO Corp. (Aerospace & Defense)
  4,184      642,411
HEICO Corp. Class A (Aerospace & Defense)
  14,385    1,824,450
Honeywell International, Inc. (Industrial Conglomerates)
  15,453    3,006,845
Illinois Tool Works, Inc. (Machinery)
  18,860    3,949,284
Landstar System, Inc. (Road & Rail)
  10,908    1,645,254
Lennox International, Inc. (Building Products)
  227       58,534
Lockheed Martin Corp. (Aerospace & Defense)
  4,279    1,888,751
MasTec, Inc. (Construction & Engineering)
  (a) 789       68,722
Northrop Grumman Corp. (Aerospace & Defense)
  367      164,130
Old Dominion Freight Line, Inc. (Road & Rail)
  501      149,639
Owens Corning (Building Products)
  1,902      174,033
Republic Services, Inc. (Commercial Svs. & Supplies)
  386       51,145
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)
  (a) 10,592    1,712,620
Snap-on, Inc. (Machinery)
  1,015      208,562
Union Pacific Corp. (Road & Rail)
  273       74,586
United Parcel Service, Inc. Class B (Air Freight & Logistics)
  15,000   3,216,900
       29,813,246
Information Technology–20.4%
 		     
Accenture PLC Class A (IT Svs.)
  692      233,363
Adobe, Inc. (Software)
  (a) 5,679    2,587,466
Advanced Micro Devices, Inc. (Semiconductors & Equip.)
  (a) 28,206    3,084,044
Apple, Inc. (Tech. Hardware, Storage & Periph.)
  149,521   26,107,862
Applied Materials, Inc. (Semiconductors & Equip.)
  1,903      250,815
Automatic Data Processing, Inc. (IT Svs.)
  6,211    1,413,251
Broadcom, Inc. (Semiconductors & Equip.)
  345      217,240
Cadence Design Systems, Inc. (Software)
  (a) 6,437    1,058,629
Ciena Corp. (Communications Equip.)
  (a) 3,284      199,109
Cirrus Logic, Inc. (Semiconductors & Equip.)
  (a) 3,425      290,406
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.)
  (a) 55,046    2,762,759
EPAM Systems, Inc. (IT Svs.)
  (a) 543      161,059
Fidelity National Information Services, Inc. (IT Svs.)
  22,691    2,278,630
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)
  84,999    1,420,333
HP, Inc. (Tech. Hardware, Storage & Periph.)
  46,487    1,687,478
Intel Corp. (Semiconductors & Equip.)
  87,241    4,323,664
Intuit, Inc. (Software)
  3,459    1,663,225
Juniper Networks, Inc. (Communications Equip.)
  11,069      411,324
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 10,251    1,619,350
KLA Corp. (Semiconductors & Equip.)
  788      288,455
Lam Research Corp. (Semiconductors & Equip.)
  1,794      964,472
Mastercard, Inc. Class A (IT Svs.)
  3,410    1,218,666
Microsoft Corp. (Software)
  78,638   24,244,882
Monolithic Power Systems, Inc. (Semiconductors & Equip.)
  691      335,605
NVIDIA Corp. (Semiconductors & Equip.)
  18,578    5,069,193
NXP Semiconductors N.V. (Semiconductors & Equip.)
  1,425      263,739
PayPal Holdings, Inc. (IT Svs.)
  (a) 15,492    1,791,650
QUALCOMM, Inc. (Semiconductors & Equip.)
  15,998    2,444,814
salesforce.com, Inc. (Software)
  (a) 8,227    1,746,757
ServiceNow, Inc. (Software)
  (a) 4,957    2,760,504
Silicon Laboratories, Inc. (Semiconductors & Equip.)
  (a) 6,970    1,046,894
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)
  2,766      362,291
Teradyne, Inc. (Semiconductors & Equip.)
  287       33,932
Texas Instruments, Inc. (Semiconductors & Equip.)
  6,670    1,223,812
Visa, Inc. (IT Svs.)
  29,419    6,524,252
Western Digital Corp. (Tech. Hardware, Storage & Periph.)
  (a) 3,689      183,159
Workday, Inc. Class A (Software)
  (a) 5,560   1,331,397
      103,604,481
Materials–1.8%
 		     
Corteva, Inc. (Chemicals)
  12,306      707,349
Ecolab, Inc. (Chemicals)
  20,027    3,535,967
Freeport-McMoRan, Inc. (Metals & Mining)
  12,571      625,282
Linde PLC (Chemicals)
  8,471    2,705,891
Reliance Steel & Aluminum Co. (Metals & Mining)
  7,305    1,339,372
Steel Dynamics, Inc. (Metals & Mining)
  3,668     306,021
        9,219,882
6
(continued)
Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Real Estate–2.2%
 		     
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)
  (a) 8,799 $    805,284
Crown Castle International Corp. (Equity REIT)
  4,178      771,259
CubeSmart (Equity REIT)
  36,298    1,888,585
Equity LifeStyle Properties, Inc. (Equity REIT)
  6,388      488,554
Extra Space Storage, Inc. (Equity REIT)
  7,344    1,509,926
Life Storage, Inc. (Equity REIT)
  4,460      626,318
Mid-America Apartment Communities, Inc. (Equity REIT)
  1,097      229,767
Prologis, Inc. (Equity REIT)
  29,012    4,684,858
Sun Communities, Inc. (Equity REIT)
  805     141,108
       11,145,659
Utilities–1.7%
 		     
DTE Energy Co. (Multi-Utilities)
  16,196    2,141,273
Entergy Corp. (Electric Utilities)
  36,298    4,237,792
Eversource Energy (Electric Utilities)
  4,456      392,975
NextEra Energy, Inc. (Electric Utilities)
  12,596    1,067,007
OGE Energy Corp. (Electric Utilities)
  19,558     797,575
        8,636,622
Total Common Stocks (Cost $327,582,506)
    $364,485,891
    
Corporate Bonds–25.4% Rate Maturity Face Amount Value
Communication Services–2.0%
 		         
AT&T, Inc. (Diversified Telecom. Svs.)
  4.900% 08/15/2037 $1,000,000 $  1,101,123
Charter Communications Operating LLC / Charter Communications Operating Capital (Media)
  3.700% 04/01/2051 1,200,000      988,919
Comcast Corp. (Media)
  3.250% 11/01/2039 2,000,000    1,896,415
Lamar Media Corp. (Media)
  4.875% 01/15/2029   800,000      794,000
Rogers Communications, Inc. (Wireless Telecom. Svs.)
  3.700% 11/15/2049 1,400,000    1,245,051
Time Warner Cable LLC (Media)
  6.550% 05/01/2037   150,000      172,505
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  3.875% 04/15/2030 1,200,000    1,204,607
Verizon Communications, Inc. (Diversified Telecom. Svs.)
  4.400% 11/01/2034 1,000,000    1,063,931
Verizon Communications, Inc. (Diversified Telecom. Svs.)
  2.875% 11/20/2050 1,000,000      835,523
Walt Disney Co. / The (Entertainment)
  3.600% 01/13/2051   750,000     741,579
           10,043,653
Consumer Discretionary–1.9%
 		         
Amazon.com, Inc. (Internet & Direct Marketing Retail)
  3.875% 08/22/2037 1,000,000    1,058,439
Best Buy Co., Inc. (Specialty Retail)
  1.950% 10/01/2030 2,000,000    1,750,886
Expedia Group, Inc. (Hotels, Restaurants & Leisure)
  4.625% 08/01/2027 1,000,000    1,038,747
Hasbro, Inc. (Leisure Products)
  3.900% 11/19/2029 2,000,000    2,006,907
Lear Corp. (Auto Components)
  3.500% 05/30/2030 1,000,000      957,362
Lowe's Cos., Inc. (Specialty Retail)
  3.000% 10/15/2050 1,000,000      850,752
Target Corp. (Multiline Retail)
  2.350% 02/15/2030 2,000,000   1,910,572
            9,573,665
Consumer Staples–2.7%
 		         
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)
  4.700% 02/01/2036 2,000,000    2,145,031
B.A.T. Capital Corp. (Tobacco)
  3.215% 09/06/2026 1,000,000      968,040
B.A.T. Capital Corp. (Tobacco)
  4.700% 04/02/2027 1,000,000    1,025,647
Campbell Soup Co. (Food Products)
  4.150% 03/15/2028 2,000,000    2,049,168
Coca-Cola Co. / The (Beverages)
  3.000% 03/05/2051 2,000,000    1,841,217
Diageo Capital PLC (Beverages)
  2.375% 10/24/2029 2,000,000    1,893,405
Hershey Co. / The (Food Products)
  1.700% 06/01/2030 1,200,000    1,079,674
Keurig Dr Pepper, Inc. (Beverages)
  3.430% 06/15/2027 1,000,000      999,627
Kraft Heinz Foods Co. (Food Products)
  4.625% 10/01/2039   800,000      810,744
Philip Morris International, Inc. (Tobacco)
  3.375% 08/15/2029 1,000,000     993,578
           13,806,131
Energy–2.1%
 		         
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc. (Energy Equip. & Svs.)
  3.337% 12/15/2027 1,000,000      994,151
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)
  3.017% 01/16/2027 1,000,000      997,274
Chevron Corp. (Oil, Gas & Consumable Fuels)
  2.236% 05/11/2030 1,200,000    1,134,775
Energy Transfer LP (Oil, Gas & Consumable Fuels)
  4.950% 06/15/2028 1,000,000    1,050,239
Halliburton Co. (Energy Equip. & Svs.)
  4.850% 11/15/2035 1,000,000    1,074,408
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)
  5.300% 12/01/2034 1,000,000    1,095,977
ONEOK, Inc. (Oil, Gas & Consumable Fuels)
  5.850% 01/15/2026   800,000      859,820
Shell International Finance B.V. (Oil, Gas & Consumable Fuels)
  4.000% 05/10/2046 1,500,000    1,563,932
Tennessee Gas Pipeline Co. LLC (Oil, Gas & Consumable Fuels)
  (b) 2.900% 03/01/2030 1,000,000      938,082
7
(continued)
Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Energy (continued)          
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)
  3.750% 06/15/2027 $1,000,000 $  1,010,926
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)
  5.400% 03/04/2044   100,000     109,800
           10,829,384
Financials–6.8%
 		         
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)
  3.300% 01/23/2023 1,000,000    1,002,940
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)
  4.875% 01/16/2024 1,000,000    1,013,509
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)
  3.300% 01/30/2032 1,000,000      901,460
Ares Capital Corp. (Capital Markets)
  3.200% 11/15/2031 1,500,000    1,271,184
Bank of Montreal (Rate is fixed until 12/15/2027, at which point, the rate becomes USSW5 + 143) (Banks)
  (c) 3.803% 12/15/2032   200,000      197,644
BlackRock, Inc. (Capital Markets)
  2.100% 02/25/2032 1,000,000      906,282
Capital One Bank U.S.A. N.A. (Rate is fixed until 01/28/2025, at which point, the rate becomes SOFR + 91) (Consumer Finance)
  (c) 2.280% 01/28/2026 1,000,000      970,253
Charles Schwab Corp. / The (Capital Markets)
  3.300% 04/01/2027 1,000,000    1,006,624
Citigroup, Inc. (Banks)
  4.125% 07/25/2028 1,000,000    1,015,133
Citigroup, Inc. (Rate is fixed until 11/05/2029, at which point, the rate becomes SOFR + 142) (Banks)
  (c) 2.976% 11/05/2030 1,000,000      948,509
Citigroup, Inc. (Rate is fixed until 05/01/2031, at which point, the rate becomes SOFR + 117) (Banks)
  (c) 2.561% 05/01/2032 2,000,000    1,803,539
Discover Bank (Banks)
  2.450% 09/12/2024 1,000,000      982,415
Discover Bank (Rate is fixed until 08/09/2023, at which point, the rate becomes USSW5 + 173) (Banks)
  (c) 4.682% 08/09/2028   250,000      253,513
Ford Motor Credit Co. LLC (Consumer Finance)
  3.087% 01/09/2023 2,000,000    2,002,500
General Motors Financial Co., Inc. (Consumer Finance)
  2.700% 06/10/2031 3,000,000    2,641,562
Goldman Sachs Group, Inc. / The (Capital Markets)
  3.750% 05/22/2025 1,000,000    1,015,050
JPMorgan Chase & Co. (Banks)
  3.625% 12/01/2027 1,000,000    1,002,449
JPMorgan Chase & Co. (Rate is fixed until 05/13/2030, at which point, the rate becomes SOFR + 252) (Banks)
  (c) 2.956% 05/13/2031 1,000,000      935,697
Morgan Stanley (Capital Markets)
  3.950% 04/23/2027 1,000,000    1,016,152
Morgan Stanley (Rate is fixed until 01/22/2030, at which point, the rate becomes SOFR + 114) (Capital Markets)
  (c) 2.699% 01/22/2031 1,500,000    1,407,550
Nasdaq, Inc. (Capital Markets)
  3.850% 06/30/2026 1,000,000    1,019,600
PNC Bank N.A. (Banks)
  4.050% 07/26/2028 1,950,000    2,002,490
State Street Corp. (Capital Markets)
  2.200% 03/03/2031 1,000,000      902,919
Synchrony Financial (Consumer Finance)
  4.250% 08/15/2024 1,000,000    1,013,951
Truist Bank (Rate is fixed until 09/17/2024, at which point, the rate becomes H15T5Y + 115) (Banks)
  (c) 2.636% 09/17/2029 2,500,000    2,458,787
U.S. Bancorp (Banks)
  1.375% 07/22/2030 1,000,000      865,518
Wells Fargo & Co. (Banks)
  3.000% 04/22/2026 1,500,000    1,485,429
Wells Fargo & Co. (Rate is fixed until 04/30/2040, at which point, the rate becomes SOFR + 253) (Banks)
  (c) 3.068% 04/30/2041   800,000      719,180
Westpac Banking Corp. (Rate is fixed until 02/04/2025, at which point, the rate becomes H15T5Y + 135) (Banks)
  (c) 2.894% 02/04/2030 1,500,000    1,446,305
Westpac Banking Corp. (Rate is fixed until 11/23/2026, at which point, the rate becomes USISDA05 + 224) (Banks)
  (c) 4.322% 11/23/2031   200,000     201,147
           34,409,291
Health Care–1.8%
 		         
AbbVie, Inc. (Biotechnology)
  3.200% 11/21/2029 1,000,000      988,108
AbbVie, Inc. (Biotechnology)
  4.250% 11/21/2049 2,000,000    2,075,434
HCA, Inc. (Health Care Providers & Svs.)
  5.250% 06/15/2026 2,000,000    2,111,011
Quest Diagnostics, Inc. (Health Care Providers & Svs.)
  2.800% 06/30/2031   800,000      748,215
Regeneron Pharmaceuticals, Inc. (Biotechnology)
  1.750% 09/15/2030 1,200,000    1,041,331
UnitedHealth Group, Inc. (Health Care Providers & Svs.)
  3.875% 12/15/2028 2,000,000   2,097,014
            9,061,113
Industrials–1.8%
 		         
Air Lease Corp. (Trading Companies & Distributors)
  2.250% 01/15/2023 1,000,000    1,000,363
Air Lease Corp. (Trading Companies & Distributors)
  2.300% 02/01/2025 2,000,000    1,923,741
Boeing Co. / The (Aerospace & Defense)
  3.200% 03/01/2029 1,500,000    1,429,393
Burlington Northern Santa Fe LLC (Road & Rail)
  4.550% 09/01/2044   100,000      110,845
FedEx Corp. (Air Freight & Logistics)
  4.900% 01/15/2034 1,000,000    1,103,928
Lockheed Martin Corp. (Aerospace & Defense)
  1.850% 06/15/2030   800,000      725,581
United Rentals North America, Inc. (Trading Companies & Distributors)
  4.875% 01/15/2028 1,000,000    1,015,795
Waste Connections, Inc. (Commercial Svs. & Supplies)
  2.600% 02/01/2030 2,000,000   1,881,496
            9,191,142
Information Technology–1.4%
 		         
Broadcom, Inc. (Semiconductors & Equip.)
  (b) 2.600% 02/15/2033 1,000,000      868,164
HP, Inc. (Tech. Hardware, Storage & Periph.)
  2.650% 06/17/2031 3,000,000    2,684,104
Oracle Corp. (Software)
  4.300% 07/08/2034 2,100,000    2,072,372
8
(continued)
Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Information Technology (continued)
 		         
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)
  4.875% 03/01/2024 $  100,000 $    102,000
VMware, Inc. (Software)
  2.200% 08/15/2031 1,200,000   1,056,519
            6,783,159
Materials–1.4%
 		         
Dow Chemical Co. / The (Chemicals)
  4.250% 10/01/2034 1,402,000    1,443,060
Glencore Funding LLC (Metals & Mining)
  (b) 2.850% 04/27/2031 3,000,000    2,739,541
Kinross Gold Corp. (Metals & Mining)
  4.500% 07/15/2027 1,000,000    1,024,483
Mosaic Co. / The (Chemicals)
  4.050% 11/15/2027 1,000,000    1,024,327
Steel Dynamics, Inc. (Metals & Mining)
  3.250% 01/15/2031   800,000     775,581
            7,006,992
Real Estate–0.9%
 		         
Alexandria Real Estate Equities, Inc. (Equity REIT)
  3.950% 01/15/2028 1,000,000    1,021,071
American Tower Corp. (Equity REIT)
  2.750% 01/15/2027 2,000,000    1,915,071
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)
  (b) 4.625% 12/01/2029   700,000      698,250
Welltower, Inc. (Equity REIT)
  2.700% 02/15/2027 1,000,000     977,858
            4,612,250
Utilities–2.6%
 		         
AEP Transmission Co. LLC (Electric Utilities)
  4.000% 12/01/2046 1,000,000    1,018,127
AEP Transmission Co. LLC (Electric Utilities)
  3.750% 12/01/2047 1,000,000      982,101
Ameren Corp. (Multi-Utilities)
  2.500% 09/15/2024 1,000,000      986,535
Ameren Corp. (Multi-Utilities)
  3.500% 01/15/2031 1,000,000      986,425
American Water Capital Corp. (Water Utilities)
  4.300% 12/01/2042   100,000      103,944
Black Hills Corp. (Multi-Utilities)
  3.050% 10/15/2029 2,500,000    2,394,116
Commonwealth Edison Co. (Electric Utilities)
  4.350% 11/15/2045 1,000,000    1,065,781
Connecticut Light & Power Co. / The (Electric Utilities)
  4.000% 04/01/2048 1,000,000    1,050,842
Duke Energy Corp. (Electric Utilities)
  3.750% 09/01/2046 1,500,000    1,415,858
Duke Energy Indiana LLC (Electric Utilities)
  3.250% 10/01/2049 1,000,000      888,397
FirstEnergy Transmission LLC (Electric Utilities)
  (b) 4.550% 04/01/2049   200,000      191,078
Florida Power & Light Co. (Electric Utilities)
  3.150% 10/01/2049 1,000,000      932,105
Public Service Electric & Gas Co. (Multi-Utilities)
  3.600% 12/01/2047 1,000,000     987,294
           13,002,603
Total Corporate Bonds (Cost $135,592,689)
        $128,319,383
    
Asset-Backed Securities–0.5% Rate Maturity Face Amount Value
Industrials–0.5%
 		         
FedEx Corp. 2020-1 Class AA Pass Through Trust
  1.875% 02/20/2034 $1,839,582 $  1,675,101
United Airlines 2016-1 Class B Pass Through Trust
  3.650% 01/07/2026   131,481      124,063
United Airlines 2019-2 Class AA Pass Through Trust
  2.700% 05/01/2032   935,578     856,453
Total Asset-Backed Securities (Cost $2,906,642)
          $2,655,617
    
Money Market Funds–1.7% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (d) 8,777,144 $  8,776,266
Total Money Market Funds (Cost $8,775,709)
      $8,776,266
Total Investments – 99.6% (Cost $474,857,546)
  (e)   $504,237,157
Other Assets in Excess of Liabilities – 0.4%
  (f)   2,126,519
Net Assets – 100.0%     $506,363,676
    
Percentages are stated as a percent of net assets.
    
Abbreviations:  
H15T5Y: U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 2.420% at 03/31/2022
SOFR: Secured Overnight Financing Rate, 0.290% at 03/31/2022
USISDA05: USD ICE Swap Rate 11:00am NY 5 Year, 2.465% at 03/31/2022
USSW5: USD Swap Semi 30/360 5 Year, 2.523% at 03/31/2022
    
9
Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Footnotes:  
(a) Non-income producing security.
(b) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At March 31, 2022, the value of these securities totaled $5,435,115, or 1.1% of the Portfolio’s net assets.
(c) Security is a fixed-then-variable rate instrument in which the coupon or dividend rate is fixed until a later specified date, then is adjusted periodically. Rates stated, including interest rate caps and floors, if any, are those in effect at March 31, 2022.
(d) Rate represents the seven-day yield at March 31, 2022.
(e) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(f) Includes $288,000 of cash pledged as collateral for the futures contracts outstanding at March 31, 2022. See also the following Schedule of Open Futures Contracts.
The accompanying notes are an integral part of these financial statements.
 Schedule of Open Futures Contracts March 31, 2022 (Unaudited) 
    
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
CME E-mini S&P 500 Index - Long   24   June 17, 2022   $5,020,606   $5,436,900   $416,294   $(99,910)
The accompanying notes are an integral part of these financial statements.
10
Ohio National Fund, Inc. ON BlackRock Advantage International Equity Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–96.0% Shares Value
Japan–21.1%
 		     
Advantest Corp. (Information Technology)
  (a) 24,000 $  1,873,772
Aeon Mall Co. Ltd. (Real Estate)
  (a) 8,300      110,448
Amada Co. Ltd. (Industrials)
  (a) 164,900    1,449,745
Anritsu Corp. (Information Technology)
  (a) 21,900      277,315
Aozora Bank Ltd. (Financials)
  (a) 27,400      577,296
Asahi Kasei Corp. (Materials)
  (a) 47,500      410,853
Astellas Pharma, Inc. (Health Care)
  (a) 32,300      504,684
Bridgestone Corp. (Consumer Discretionary)
  (a) 48,500    1,882,565
Calbee, Inc. (Consumer Staples)
  (a) 6,000      115,684
Canon, Inc. (Information Technology)
  (a) 25,100      611,787
Casio Computer Co. Ltd. (Consumer Discretionary)
  (a) 110,900    1,269,524
Chugai Pharmaceutical Co. Ltd. (Health Care)
  (a) 38,300    1,278,010
Chugoku Electric Power Co., Inc. / The (Utilities)
  (a) 3,200       22,252
Daifuku Co. Ltd. (Industrials)
  (a) 13,300      948,974
Daiichi Sankyo Co. Ltd. (Health Care)
  (a) 81,900    1,788,449
Daikin Industries Ltd. (Industrials)
  (a) 13,000    2,360,850
Daito Trust Construction Co. Ltd. (Real Estate)
  (a) 4,200      445,807
Daiwa House Industry Co. Ltd. (Real Estate)
  (a) 5,100      132,950
DMG Mori Co. Ltd. (Industrials)
  (a) 61,400      831,726
Ebara Corp. (Industrials)
  (a) 5,300      293,997
Eisai Co. Ltd. (Health Care)
  (a) 23,600    1,093,354
FANUC Corp. (Industrials)
  (a) 2,000      351,019
Fast Retailing Co. Ltd. (Consumer Discretionary)
  (a) 700      358,860
Fuji Oil Holdings, Inc. (Consumer Staples)
  (a) 68,200    1,105,915
FUJIFILM Holdings Corp. (Information Technology)
  (a) 30,000    1,831,198
Fujitsu Ltd. (Information Technology)
  (a) 800      119,861
Hisamitsu Pharmaceutical Co., Inc. (Health Care)
  (a) 2,400       71,463
Honda Motor Co. Ltd. (Consumer Discretionary)
  (a) 8,200      232,436
Hoya Corp. (Health Care)
  (a) 18,400    2,096,824
Hulic Co. Ltd. (Real Estate)
  (a) 42,900      384,874
Inpex Corp. (Energy)
  (a) 165,000    1,939,961
ITOCHU Corp. (Industrials)
  (a) 27,200      920,066
Itochu Techno-Solutions Corp. (Information Technology)
  (a) 4,800      122,613
Japan Post Bank Co. Ltd. (Financials)
  (a) 48,800      391,902
Japan Post Holdings Co. Ltd. (Financials)
  (a) 117,800      865,152
Japan Tobacco, Inc. (Consumer Staples)
  (a) 268,400    4,583,623
Kansai Electric Power Co., Inc. / The (Utilities)
  (a) 4,300       40,502
Kao Corp. (Consumer Staples)
  (a) 28,400    1,159,590
Keyence Corp. (Information Technology)
  (a) 5,200    2,411,253
Konica Minolta, Inc. (Information Technology)
  (a) 23,100       96,967
Kuraray Co. Ltd. (Materials)
  (a) 29,400      253,075
Kyocera Corp. (Information Technology)
  (a) 4,100      229,434
Lawson, Inc. (Consumer Staples)
  (a) 3,900      149,292
Lion Corp. (Consumer Staples)
  (a) 31,100      346,615
Mitsubishi Corp. (Industrials)
  (a) 23,200      870,620
Mitsui & Co. Ltd. (Industrials)
  (a) 17,100      464,183
Mitsui OSK Lines Ltd. (Industrials)
  (a) 9,900      275,010
MS&AD Insurance Group Holdings, Inc. (Financials)
  (a) 22,100      717,541
Murata Manufacturing Co. Ltd. (Information Technology)
  (a) 29,400    1,936,660
NEC Corp. (Information Technology)
  (a) 53,700    2,255,975
NET One Systems Co. Ltd. (Information Technology)
  (a) 30,400      708,211
Nexon Co. Ltd. (Communication Services)
  (a) 7,200      172,251
NGK Spark Plug Co. Ltd. (Consumer Discretionary)
  (a) 1,500       24,151
Nidec Corp. (Industrials)
  (a) 13,600    1,074,170
Nikon Corp. (Consumer Discretionary)
  (a) 8,700       92,899
Common Stocks (Continued) Shares Value
Japan (continued)      
Nippon Telegraph & Telephone Corp. (Communication Services)
  (a) 59,600 $  1,731,612
Nippon Yusen KK (Industrials)
  (a) 7,700      673,553
Nissan Motor Co. Ltd. (Consumer Discretionary)
 (a)(b) 73,900      328,362
Nissin Foods Holdings Co. Ltd. (Consumer Staples)
  (a) 1,700      119,196
Nitto Denko Corp. (Materials)
  (a) 2,900      207,895
Nomura Real Estate Holdings, Inc. (Real Estate)
  (a) 3,200       76,637
Nomura Research Institute Ltd. (Information Technology)
  (a) 5,400      176,187
NTT Data Corp. (Information Technology)
  (a) 5,200      102,192
Obic Co. Ltd. (Information Technology)
  (a) 1,700      254,621
Olympus Corp. (Health Care)
  (a) 72,300    1,370,272
Omron Corp. (Information Technology)
  (a) 37,200    2,475,605
Otsuka Holdings Co. Ltd. (Health Care)
  (a) 20,100      694,410
Recruit Holdings Co. Ltd. (Industrials)
  (a) 46,500    2,020,286
Ricoh Co. Ltd. (Information Technology)
  (a) 5,000       43,299
Rohm Co. Ltd. (Information Technology)
  (a) 1,100       85,404
Santen Pharmaceutical Co. Ltd. (Health Care)
  (a) 20,100      200,968
SBI Holdings, Inc. (Financials)
  (a) 15,800      398,647
Seiko Epson Corp. (Information Technology)
  (a) 18,900      283,933
Sekisui House Ltd. (Consumer Discretionary)
  (a) 99,100    1,916,908
SG Holdings Co. Ltd. (Industrials)
  (a) 1,500       28,246
Shin-Etsu Chemical Co. Ltd. (Materials)
  (a) 24,300    3,691,977
Shionogi & Co. Ltd. (Health Care)
  (a) 1,100       67,588
SMC Corp. (Industrials)
  (a) 300      167,698
SoftBank Corp. (Communication Services)
  (a) 81,100      945,878
SoftBank Group Corp. (Communication Services)
  (a) 33,700    1,506,714
Sony Group Corp. (Consumer Discretionary)
  (a) 11,000    1,131,632
Subaru Corp. (Consumer Discretionary)
  (a) 28,800      457,430
Sumitomo Chemical Co. Ltd. (Materials)
  (a) 897,000    4,107,196
Sumitomo Corp. (Industrials)
  (a) 183,700    3,181,437
Sumitomo Mitsui Financial Group, Inc. (Financials)
  (a) 154,100    4,867,765
Sundrug Co. Ltd. (Consumer Staples)
  (a) 14,700      358,024
Suntory Beverage & Food Ltd. (Consumer Staples)
  (a) 4,100      156,272
Suzuki Motor Corp. (Consumer Discretionary)
  (a) 13,700      469,502
Takeda Pharmaceutical Co. Ltd. (Health Care)
  (a) 1,600       45,587
TDK Corp. (Information Technology)
  (a) 2,000       72,154
Terumo Corp. (Health Care)
  (a) 61,300    1,854,846
Tohoku Electric Power Co., Inc. (Utilities)
  (a) 12,700       74,133
Tokio Marine Holdings, Inc. (Financials)
  (a) 27,000    1,571,216
Tokyo Electron Ltd. (Information Technology)
  (a) 11,700    6,008,664
Tokyo Gas Co. Ltd. (Utilities)
  (a) 37,600      688,351
Toshiba Corp. (Industrials)
  (a) 10,900      414,129
Toyota Motor Corp. (Consumer Discretionary)
  (a) 82,400    1,486,331
Trend Micro, Inc. (Information Technology)
  (a) 7,900      461,345
Unicharm Corp. (Consumer Staples)
  (a) 61,900    2,223,811
Yamada Holdings Co. Ltd. (Consumer Discretionary)
 (a)(b) 9,000       27,980
Yamaha Motor Co. Ltd. (Consumer Discretionary)
  (a) 30,000      672,411
Yaskawa Electric Corp. (Industrials)
  (a) 11,100     432,622
       97,265,134
United Kingdom–12.4%
 		     
Anglo American PLC (Materials)
  (a) 35,778    1,859,108
Ashtead Group PLC (Industrials)
  (a) 63,718    4,011,965
Associated British Foods PLC (Consumer Staples)
  (a) 19,860      431,421
AstraZeneca PLC (Health Care)
  (a) 38,504    5,106,127
Bellway PLC (Consumer Discretionary)
  (a) 7,746      246,232
BP PLC (Energy)
  (a) 604,838    2,965,144
 
11
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage International Equity Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
United Kingdom (continued)
 		     
British American Tobacco PLC (Consumer Staples)
  (a) 151,137 $  6,347,329
BT Group PLC (Communication Services)
  (a) 146,238      348,676
Croda International PLC (Materials)
  (a) 4,886      502,631
Diageo PLC (Consumer Staples)
  (a) 152,417    7,731,281
Direct Line Insurance Group PLC (Financials)
  (a) 7,960       28,672
GlaxoSmithKline PLC (Health Care)
  (a) 81,182    1,756,530
Greggs PLC (Consumer Discretionary)
  (a) 6,506      208,957
Hargreaves Lansdown PLC (Financials)
  (a) 2,005       26,428
HomeServe PLC (Industrials)
  (a) 67,949      749,725
HSBC Holdings PLC (Financials)
  (a) 63,841      436,070
IG Group Holdings PLC (Financials)
  (a) 30,945      332,371
IMI PLC (Industrials)
  (a) 23,155      412,252
ITV PLC (Communication Services)
 (a)(b) 845,977      905,385
Lloyds Banking Group PLC (Financials)
  (a) 3,072,958    1,871,327
RELX PLC (Industrials)
  (a) 77,272    2,404,529
Rightmove PLC (Communication Services)
  (a) 120,106      992,632
Rio Tinto PLC (Materials)
  (a) 26,031    2,081,088
Rolls-Royce Holdings PLC (Industrials)
 (a)(b) 84,480      111,091
Shell PLC (Energy)
  (a) 257,463    7,056,723
Smiths Group PLC (Industrials)
  (a) 37,177      704,354
Spectris PLC (Information Technology)
  (a) 8,678      294,311
Spirax-Sarco Engineering PLC (Industrials)
  (a) 1,199      196,013
SSE PLC (Utilities)
  (a) 1,415       32,331
Standard Chartered PLC (Financials)
  (a) 43,979      291,933
Taylor Wimpey PLC (Consumer Discretionary)
  (a) 25,439       43,321
Tesco PLC (Consumer Staples)
  (a) 635,103    2,299,265
Unilever PLC (Consumer Staples)
  (a) 47,915    2,175,473
Unilever PLC (Consumer Staples)
  (a) 17,508      791,295
Whitbread PLC (Consumer Discretionary)
 (a)(b) 34,058    1,268,102
WPP PLC (Communication Services)
  (a) 5,923      77,521
       57,097,613
France–11.5%
 		     
Air Liquide SA (Materials)
  (a) 16,396    2,868,378
Amundi SA (Financials)
  (a) 10,017      684,971
AXA SA (Financials)
  (a) 34,576    1,012,189
Capgemini SE (Information Technology)
  (a) 17,038    3,780,781
Carrefour SA (Consumer Staples)
  (a) 28,832      627,443
Credit Agricole SA (Financials)
  (a) 30,135      360,069
Electricite de France SA (Utilities)
  (a) 227,757    2,137,770
Engie SA (Utilities)
  (a) 182,169    2,394,975
Hermes International (Consumer Discretionary)
  (a) 1,835    2,597,160
Kering SA (Consumer Discretionary)
  (a) 5,244    3,310,680
Klepierre SA (Real Estate)
  (a) 30,237      805,033
Legrand SA (Industrials)
  (a) 10,605    1,008,286
L'Oreal SA (Consumer Staples)
  (a) 14,924    5,961,318
LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)
  (a) 8,714    6,220,042
Pernod Ricard SA (Consumer Staples)
  (a) 10,155    2,231,165
Publicis Groupe SA (Communication Services)
  (a) 14,851      901,361
Rubis SCA (Utilities)
  (a) 56,274    1,654,054
Sanofi (Health Care)
  (a) 12,164    1,243,642
Sartorius Stedim Biotech (Health Care)
  (a) 1,855      759,464
Schneider Electric SE (Industrials)
  (a) 24,713    4,149,074
Societe Generale SA (Financials)
  (a) 59,222    1,587,584
Teleperformance (Industrials)
  (a) 3,177    1,210,113
Thales SA (Industrials)
  (a) 5,022      628,933
TotalEnergies SE (Energy)
  (a) 75,860    3,838,479
Vinci SA (Industrials)
  (a) 9,550      975,748
Wendel SE (Financials)
  (a) 382      38,900
       52,987,612
Australia–9.3%
 		     
AGL Energy Ltd. (Utilities)
  (a) 72,695      418,837
Alumina Ltd. (Materials)
  (a) 259,266      389,248
Common Stocks (Continued) Shares Value
Australia (continued)      
APA Group (Utilities)
  (a) 29,547 $    234,835
Aristocrat Leisure Ltd. (Consumer Discretionary)
  (a) 84,930    2,305,172
Atlas Arteria Ltd. (Industrials)
  (a) 13,785       67,090
Aurizon Holdings Ltd. (Industrials)
  (a) 319,307      877,661
Australia & New Zealand Banking Group Ltd. (Financials)
  (a) 36,324      744,315
BHP Group Ltd. (Materials)
  (c) 229,444    8,844,490
Boral Ltd. (Materials)
  (a) 16,501       42,556
Brambles Ltd. (Industrials)
  (a) 91,566      675,725
Charter Hall Group (Real Estate)
  (a) 29,099      353,621
Coles Group Ltd. (Consumer Staples)
  (a) 58,685      784,351
Commonwealth Bank of Australia (Financials)
  (a) 46,445    3,657,654
CSL Ltd. (Health Care)
  (a) 12,214    2,438,435
Domain Holdings Australia Ltd. (Communication Services)
  (a) 7,451       22,089
Evolution Mining Ltd. (Materials)
  (a) 170,200      561,747
Flight Centre Travel Group Ltd. (Consumer Discretionary)
 (a)(b) 5,168       75,606
Goodman Group (Real Estate)
  (a) 17,304      294,108
JB Hi-Fi Ltd. (Consumer Discretionary)
  (a) 21,980      888,435
Macquarie Group Ltd. (Financials)
  (a) 16,269    2,460,427
Medibank Pvt Ltd. (Financials)
  (a) 1,147,333    2,636,029
Mirvac Group (Real Estate)
  (a) 369,894      685,878
National Australia Bank Ltd. (Financials)
  (a) 20,452      492,379
Newcrest Mining Ltd. (Materials)
  (a) 67,608    1,366,181
Northern Star Resources Ltd. (Materials)
  (a) 93,330      752,958
OZ Minerals Ltd. (Materials)
  (a) 6,255      124,743
Pro Medicus Ltd. (Health Care)
  (a) 742       26,880
QBE Insurance Group Ltd. (Financials)
  (a) 152,819    1,310,471
REA Group Ltd. (Communication Services)
  (a) 21,799    2,185,335
Rio Tinto Ltd. (Materials)
  (a) 14,694    1,313,645
Santos Ltd. (Energy)
  (a) 34,374      199,294
Scentre Group (Real Estate)
  (a) 438,596      997,217
Sonic Healthcare Ltd. (Health Care)
  (a) 4,047      106,850
South32 Ltd. (Materials)
  (a) 458,552    1,743,083
Stockland (Real Estate)
  (a) 212,201      672,465
Westpac Banking Corp. (Financials)
  (a) 40,357      729,112
WiseTech Global Ltd. (Information Technology)
  (a) 17,764      668,615
Woodside Petroleum Ltd. (Energy)
  (a) 35,147      844,632
Worley Ltd. (Energy)
  (a) 14,398     139,090
       43,131,259
Switzerland–8.7%
 		     
ABB Ltd. (Industrials)
  (a) 138,864    4,504,844
Banque Cantonale Vaudoise (Financials)
  (a) 3,676      318,043
Belimo Holding AG (Industrials)
  (a) 66       34,955
BKW AG (Utilities)
  (a) 365       45,717
Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)
  (a) 14      166,627
Cie Financiere Richemont SA (Consumer Discretionary)
  (a) 24,498    3,105,238
EMS-Chemie Holding AG (Materials)
  (a) 25       24,295
Flughafen Zurich AG (Industrials)
 (a)(b) 470       84,359
Givaudan SA (Materials)
  (a) 305    1,260,546
Glencore PLC (Materials)
  (a) 30,402      197,817
IWG PLC (Real Estate)
 (a)(b) 101,190      346,176
Julius Baer Group Ltd. (Financials)
  (a) 388       22,463
Kuehne + Nagel International AG (Industrials)
  (a) 1,753      497,728
Lonza Group AG (Health Care)
  (a) 3,337    2,418,001
Nestle SA (Consumer Staples)
  (a) 53,627    6,972,511
Novartis AG (Health Care)
  (a) 82,556    7,247,715
PSP Swiss Property AG (Real Estate)
  (a) 1,038      136,323
Roche Holding AG (Health Care)
  (a) 10,525    4,164,339
Roche Holding AG (Health Care)
  (a) 331      144,763
Sika AG (Materials)
  (a) 7,141    2,362,626
 
12
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage International Equity Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Switzerland (continued)      
Straumann Holding AG (Health Care)
  (a) 208 $    332,111
Swatch Group AG / The (Consumer Discretionary)
  (a) 6,622    1,877,495
Swiss Re AG (Financials)
  (a) 8,926      849,701
Tecan Group AG (Health Care)
  (a) 991      391,782
Temenos AG (Information Technology)
  (a) 2,931      281,932
UBS Group AG (Financials)
  (a) 39,068      763,440
VAT Group AG (Industrials)
  (a) 865      329,339
Zurich Insurance Group AG (Financials)
  (a) 2,168   1,070,774
       39,951,660
Germany–7.4%
 		     
Allianz SE (Financials)
  (a) 22,538    5,382,257
BASF SE (Materials)
  (a) 927       52,895
Bayer AG (Health Care)
  (a) 22,019    1,506,079
Bayerische Motoren Werke AG (Consumer Discretionary)
  (a) 25,602    2,212,461
Deutsche Boerse AG (Financials)
  (a) 9,057    1,630,357
Deutsche Post AG (Industrials)
  (a) 77,312    3,691,792
DWS Group GmbH & Co. KGaA (Financials)
  (a) 23,254      849,864
E.ON SE (Utilities)
  (a) 88,703    1,030,564
Evonik Industries AG (Materials)
  (a) 58,859    1,632,892
Fraport AG Frankfurt Airport Services Worldwide (Industrials)
 (a)(b) 1,694       93,904
Freenet AG (Communication Services)
  (a) 3,728       99,765
HOCHTIEF AG (Industrials)
  (a) 8,615      580,328
Infineon Technologies AG (Information Technology)
  (a) 13,638      461,374
LEG Immobilien SE (Real Estate)
  (a) 2,204      250,987
Mercedes-Benz Group AG (Consumer Discretionary)
  (a) 26,893    1,887,606
Merck KGaA (Health Care)
  (a) 4,401      919,081
Nemetschek SE (Information Technology)
  (a) 1,397      134,159
Rational AG (Industrials)
  (a) 278      191,465
Rheinmetall AG (Industrials)
  (a) 307       64,890
SAP SE (Information Technology)
  (a) 35,548    3,939,718
Scout24 SE (Communication Services)
  (a) 55,113    3,142,108
Siemens AG (Industrials)
  (a) 27,109    3,753,709
Symrise AG (Materials)
  (a) 351       42,082
TeamViewer AG (Information Technology)
 (a)(b) 8,940      132,020
Telefonica Deutschland Holding AG (Communication Services)
  (a) 59,003      160,476
Wacker Chemie AG (Materials)
  (a) 1,670     284,232
       34,127,065
Netherlands–4.0%
 		     
Argenx SE (Health Care)
 (a)(b) 562      175,834
ASML Holding N.V. (Information Technology)
  (a) 11,330    7,570,949
ASR Nederland N.V. (Financials)
  (a) 28,035    1,308,839
Heineken N.V. (Consumer Staples)
  (a) 3,761      359,664
IMCD N.V. (Industrials)
  (a) 6,142    1,047,778
ING Groep N.V. (Financials)
  (a) 15,058      157,219
Koninklijke Ahold Delhaize N.V. (Consumer Staples)
  (a) 32,331    1,039,943
Koninklijke Vopak N.V. (Energy)
  (a) 4,981      161,157
OCI N.V. (Materials)
 (a)(b) 1,757       62,030
Prosus N.V. (Consumer Discretionary)
  (a) 17,905      965,577
QIAGEN N.V. (Health Care)
 (a)(b) 4,978      244,270
Randstad N.V. (Industrials)
  (a) 21,778    1,310,053
Stellantis N.V. (Consumer Discretionary)
  (a) 30,744      497,729
Wolters Kluwer N.V. (Industrials)
  (a) 33,862   3,609,904
       18,510,946
Sweden–3.3%
 		     
Atlas Copco AB Class A (Industrials)
  (a) 27,788    1,442,362
Avanza Bank Holding AB (Financials)
  (a) 925       23,663
Elekta AB Class B (Health Care)
  (a) 76,501      602,511
Epiroc AB Class A (Industrials)
  (a) 6,161      131,777
Essity AB Class B (Consumer Staples)
  (a) 20,976      495,013
Evolution AB (Consumer Discretionary)
  (a) 1,197      121,776
Common Stocks (Continued) Shares Value
Sweden (continued)      
Getinge AB Class B (Health Care)
  (a) 911 $     36,293
Hexagon AB Class B (Information Technology)
  (a) 2,646       37,072
Holmen AB (Materials)
  (a) 869       48,506
Indutrade AB (Industrials)
  (a) 17,043      428,617
Investor AB Class B (Financials)
  (a) 119,846    2,604,042
Lundin Energy AB (Energy)
  (a) 18,547      778,494
Saab AB Class B (Industrials)
  (a) 54,363    1,963,573
Sagax AB Class B (Real Estate)
  (a) 3,417      103,689
Samhallsbyggnadsbolaget I Norden AB (Real Estate)
  (a) 13,451       60,042
Swedish Match AB (Consumer Staples)
  (a) 545,665    4,103,418
Tele2 AB Class B (Communication Services)
  (a) 38,975      589,138
Telefonaktiebolaget LM Ericsson Class B (Information Technology)
  (a) 181,732   1,656,586
       15,226,572
Hong Kong–2.8%
 		     
AIA Group Ltd. (Financials)
  (a) 631,000    6,588,825
ASM Pacific Technology Ltd. (Information Technology)
  (a) 21,200      213,430
Budweiser Brewing Co. APAC Ltd. (Consumer Staples)
  (a) 56,200      148,404
CK Hutchison Holdings Ltd. (Industrials)
  (a) 86,000      628,867
Hysan Development Co. Ltd. (Real Estate)
  (c) 49,000      143,247
Jardine Matheson Holdings Ltd. (Industrials)
  (a) 20,100    1,102,656
Kerry Properties Ltd. (Real Estate)
  (a) 249,500      702,864
Link REIT (Real Estate)
  (a) 2,800       23,845
New World Development Co. Ltd. (Real Estate)
  (a) 53,000      215,029
SITC International Holdings Co. Ltd. (Industrials)
  (a) 15,000       52,451
Sun Hung Kai Properties Ltd. (Real Estate)
  (a) 22,000      261,744
Swire Properties Ltd. (Real Estate)
  (a) 298,000      736,418
Techtronic Industries Co. Ltd. (Industrials)
  (a) 122,000    1,954,618
WH Group Ltd. (Consumer Staples)
  (a) 215,500     135,324
       12,907,722
Singapore–2.4%
 		     
City Developments Ltd. (Real Estate)
  (a) 151,000      872,889
DBS Group Holdings Ltd. (Financials)
  (a) 7,300      191,276
Jardine Cycle & Carriage Ltd. (Consumer Discretionary)
  (a) 208,700    3,840,943
Mapletree Commercial Trust (Real Estate)
  (a) 212,000      294,957
Oversea-Chinese Banking Corp. Ltd. (Financials)
  (a) 83,900      761,128
Singapore Telecommunications Ltd. (Communication Services)
  (a) 2,169,500    4,212,625
Suntec Real Estate Investment Trust (Real Estate)
  (a) 84,500      108,657
United Overseas Bank Ltd. (Financials)
  (a) 32,800     767,455
       11,049,930
Spain–2.2%
 		     
Acciona SA (Utilities)
  (a) 9,833    1,879,432
Banco Bilbao Vizcaya Argentaria SA (Financials)
  (a) 321,094    1,833,423
Banco de Sabadell SA (Financials)
  (a) 526,828      430,500
Banco Santander SA (Financials)
  (a) 868,476    2,952,754
Bankinter SA (Financials)
  (a) 50,897      298,214
Fluidra SA (Industrials)
  (a) 2,706       78,297
Grifols SA (Health Care)
  (a) 4,484       81,387
Iberdrola SA (Utilities)
  (a) 4,438       48,507
Industria de Diseno Textil SA (Consumer Discretionary)
  (a) 106,870   2,330,297
        9,932,811
Italy–2.1%
 		     
Assicurazioni Generali SpA (Financials)
  (a) 41,732      954,501
Banca Generali SpA (Financials)
  (a) 8,001      296,038
 
13
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage International Equity Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Italy (continued)      
Banca Mediolanum SpA (Financials)
  (a) 55,053 $    467,816
BPER Banca (Financials)
  (a) 83,074      144,891
Enel SpA (Utilities)
  (a) 102,362      683,445
Eni SpA (Energy)
  (a) 3,010       43,896
Hera SpA (Utilities)
  (a) 58,480      215,449
Intesa Sanpaolo SpA (Financials)
  (a) 641,677    1,468,647
Italgas SpA (Utilities)
  (a) 92,399      592,782
Mediobanca Banca di Credito Finanziario SpA (Financials)
  (a) 285,387    2,883,975
Moncler SpA (Consumer Discretionary)
  (a) 4,041      224,202
PRADA SpA (Consumer Discretionary)
  (a) 42,700      270,470
Reply SpA (Information Technology)
  (a) 2,677      439,819
Snam SpA (Utilities)
  (a) 24,722      142,561
UniCredit SpA (Financials)
  (a) 67,859      732,045
UnipolSai Assicurazioni SpA (Financials)
  (a) 42,981     127,063
        9,687,600
Denmark–1.6%
 		     
AP Moller - Maersk A/S Class B (Industrials)
  (a) 82      246,407
Carlsberg A/S Class B (Consumer Staples)
  (a) 2,809      344,837
Chr Hansen Holding A/S (Materials)
  (a) 378       27,755
DSV A/S (Industrials)
  (a) 520       99,661
Genmab A/S (Health Care)
 (a)(b) 2,440      881,213
GN Store Nord AS (Health Care)
  (a) 786       38,527
H Lundbeck A/S (Health Care)
  (a) 7,496      172,715
Jyske Bank A/S (Financials)
 (a)(b) 2,560      139,148
Novo Nordisk A/S Class B (Health Care)
  (a) 44,425    4,927,447
Novozymes A/S (Materials)
  (a) 4,686      321,292
Tryg A/S (Financials)
  (a) 9,061     220,315
        7,419,317
Norway–1.4%
 		     
Aker BP ASA (Energy)
  (a) 20,610      768,729
DNB Bank ASA (Financials)
  (a) 6,150      139,045
Equinor ASA (Energy)
  (a) 117,925    4,402,922
Nordic Semiconductor ASA (Information Technology)
 (a)(b) 819       20,863
Norsk Hydro ASA (Materials)
  (a) 36,145      351,180
Telenor ASA (Communication Services)
  (a) 60,984     875,091
        6,557,830
Israel–1.2%
 		     
Bank Hapoalim BM (Financials)
  (a) 318,265    3,151,022
Israel Discount Bank Ltd. Class A (Financials)
  (a) 114,559      712,461
Teva Pharmaceutical Industries Ltd. (Health Care)
 (a)(b) 177,871   1,660,294
        5,523,777
Finland–1.0%
 		     
Kesko Oyj Class B (Consumer Staples)
  (a) 37,457    1,034,191
Kone Oyj Class B (Industrials)
  (a) 11,691      611,791
Metso Outotec Oyj (Industrials)
  (a) 3,420       28,829
Neste Oyj (Energy)
  (a) 7,028      320,429
Nokia Oyj (Information Technology)
 (a)(b) 375,074    2,065,539
Nordea Bank Abp (Financials)
  (a) 68,747      707,544
Valmet Oyj (Industrials)
  (a) 1,440      44,695
        4,813,018
Ireland–1.0%
 		     
AIB Group PLC (Financials)
  (a) 13,753       30,292
Bank of Ireland Group PLC (Financials)
 (a)(b) 39,321      250,047
Experian PLC (Industrials)
  (a) 58,615    2,258,179
James Hardie Industries PLC (Materials)
  (a) 37,666    1,129,908
Common Stocks (Continued) Shares Value
Ireland (continued)      
Kerry Group PLC Class A (Consumer Staples)
  (c) 366 $     40,934
Kingspan Group PLC (Industrials)
  (a) 7,768     759,297
        4,468,657
Belgium–0.9%
 		     
Elia Group SA / N.V. (Utilities)
  (a) 2,400      366,170
Groupe Bruxelles Lambert SA (Financials)
  (a) 10,999    1,138,135
KBC Group N.V. (Financials)
  (a) 1,562      112,072
Solvay SA (Materials)
  (a) 11,542    1,137,529
Warehouses De Pauw CVA (Real Estate)
  (a) 34,531   1,489,872
        4,243,778
Portugal–0.7%
 		     
EDP - Energias de Portugal SA (Utilities)
  (a) 364,226    1,792,678
Jeronimo Martins SGPS SA (Consumer Staples)
  (a) 58,716   1,408,593
        3,201,271
Austria–0.6%
 		     
ams-OSRAM AG (Information Technology)
 (a)(b) 10,614      162,468
ANDRITZ AG (Industrials)
  (a) 20,564      949,723
BAWAG Group AG (Financials)
  (a) 20,864    1,052,778
Erste Group Bank AG (Financials)
  (a) 9,575      349,167
Raiffeisen Bank International AG (Financials)
  (a) 4,114       58,407
Verbund AG (Utilities)
  (a) 492      51,957
        2,624,500
New Zealand–0.3%
 		     
Fisher & Paykel Healthcare Corp. Ltd. (Health Care)
  (a) 71,749    1,203,962
Spark New Zealand Ltd. (Communication Services)
  (a) 131,363     415,715
        1,619,677
Luxembourg–0.1%
 		     
RTL Group SA (Communication Services)
  (a) 9,827     544,843
Mexico–0.0%
 		     
Fresnillo PLC (Materials)
  (a) 20,723     198,386
Czech Republic–0.0%
 		     
Avast PLC (Information Technology)
  (c) 18,267     135,820
Total Common Stocks (Cost $456,179,539)
    $443,226,798
    
Preferred Securities–0.4% Rate Quantity Value
Germany–0.4%
 		       
FUCHS PETROLUB SE (Materials)
  (a) 3.026% (d) 10,170 $    368,982
Sartorius AG (Health Care)
  (a) 0.314% (d) 3,567    1,574,273
Volkswagen AG (Consumer Discretionary)
  (a) 3.121% (d) 739     126,998
Total Preferred Securities (Cost $2,643,963)
        $2,070,253
    
Money Market Funds – 2.2%Germany–0.4%
  Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (e) 9,928,881 $  9,927,888
Total Money Market Funds (Cost $9,928,267)
      $9,927,888
Total Investments – 98.6% (Cost $468,751,769)
  (f)   $455,224,939
Other Assets in Excess of Liabilities – 1.4%
  (g)   6,281,430
Net Assets – 100.0%     $461,506,369
    
 
Percentages are stated as a percent of net assets.
    
14
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage International Equity Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Footnotes:  
(a) Security traded on a foreign exchange has been valued at an estimate of fair value that is different than the local market close price. These fair value estimates are determined by an independent fair valuation service that has been approved by the Board. These securities represent $436,132,560 or 94.5% of the Portfolio’s net assets.
(b) Non-income producing security.
(c) As discussed in Note 2 of the Notes to Schedules of Investments, not all investments that are traded on a foreign exchange are valued at an estimate that is different from the local close price. In some instances, the independent fair valuation service uses a stock’s local close price because the service’s measure of predictability related to their valuation model of a stock is below a chosen threshold. These securities represent $9,164,491 or 2.0% of the Portfolio’s net assets.
Other Portfolio securities are not subjected to fair valuation procedures because they are traded on domestic or foreign exchanges that have close times that are consistent with the U.S. market close, normally 4:00 pm Eastern Time.
(d) Represents twelve-month dividend yield. Rates are determined by actual distributions, which are impacted by factors unique to each preference share such as board authorization, distributable earnings, and preferred payout features compared to other classes of equity.
(e) Rate represents the seven-day yield at March 31, 2022.
(f) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(g) Includes $637,619 of cash pledged as collateral for the futures contracts outstanding at March 31, 2022. See also the following Schedule of Open Futures Contracts.
 Schedule of Open Futures Contracts March 31, 2022 (Unaudited) 
    
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
MSCI EAFE Index - Long   98   June 17, 2022   $10,051,881   $10,507,560   $455,679   $(213,899)
The accompanying notes are an integral part of these financial statements.
15
Ohio National Fund, Inc. ON Janus Henderson Forty Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–96.3% Shares Value
Communication Services–16.8%
 		     
Alphabet, Inc. Class C (Interactive Media & Svs.)
  (a) 2,064 $  5,764,731
Booking Holdings, Inc. (Internet & Direct Marketing Retail)
  (a) 1,082    2,541,023
Match Group, Inc. (Interactive Media & Svs.)
  (a) 19,185    2,086,177
Meta Platforms, Inc. Class A (Interactive Media & Svs.)
  (a) 10,057    2,236,275
Netflix, Inc. (Entertainment)
  (a) 5,804    2,174,120
Snap, Inc. Class A (Interactive Media & Svs.)
  (a) 103,421    3,722,122
Walt Disney Co. / The (Entertainment)
  (a) 16,300   2,235,708
       20,760,156
Consumer Discretionary–15.7%
 		     
Amazon.com, Inc. (Internet & Direct Marketing Retail)
  (a) 3,356   10,940,392
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 16,646    1,287,735
Farfetch Ltd. Class A (Internet & Direct Marketing Retail)
  (a) 36,181      547,057
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)
  (b) 2,966    2,117,127
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)
  12,183    1,639,344
Rivian Automotive, Inc. Class A (Automobiles)
  (a) 12,823      644,227
TJX Cos., Inc. / The (Specialty Retail)
  36,389   2,204,446
       19,380,328
Consumer Staples–1.0%
 		     
Olaplex Holdings, Inc. (Personal Products)
  (a) 80,640   1,260,403
Health Care–12.0%
 		     
AbbVie, Inc. (Biotechnology)
  12,819    2,078,088
Align Technology, Inc. (Health Care Equip. & Supplies)
  (a) 6,980    3,043,280
Danaher Corp. (Life Sciences Tools & Svs.)
  16,710    4,901,544
Dexcom, Inc. (Health Care Equip. & Supplies)
  (a) 4,731    2,420,380
Horizon Therapeutics PLC (Biotechnology)
  (a) 22,241   2,339,976
       14,783,268
Industrials–8.4%
 		     
Core & Main, Inc. Class A (Trading Companies & Distributors)
  (a) 93,921    2,271,949
CoStar Group, Inc. (Professional Svs.)
  (a) 38,265    2,548,832
Deere & Co. (Machinery)
  6,993    2,905,312
Howmet Aerospace, Inc. (Aerospace & Defense)
  73,510   2,641,949
       10,368,042
Common Stocks (Continued) Shares Value
Information Technology–34.6%
 		     
Apple, Inc. (Tech. Hardware, Storage & Periph.)
  39,185 $  6,842,093
ASML Holding N.V. (Semiconductors & Equip.)
  5,869    3,920,081
Atlassian Corp. PLC Class A (Software)
  (a) 6,751    1,983,646
Block, Inc. (IT Svs.)
  (a) 5,256      712,714
Mastercard, Inc. Class A (IT Svs.)
  17,534    6,266,301
Microsoft Corp. (Software)
  43,985   13,561,015
NVIDIA Corp. (Semiconductors & Equip.)
  5,936    1,619,697
Texas Instruments, Inc. (Semiconductors & Equip.)
  12,945    2,375,149
Twilio, Inc. Class A (IT Svs.)
  (a) 12,192    2,009,363
Unity Software, Inc. (Software)
  (a) 8,657      858,861
Workday, Inc. Class A (Software)
  (a) 10,670   2,555,038
       42,703,958
Materials–5.1%
 		     
Crown Holdings, Inc. (Containers & Packaging)
  36,098    4,515,499
Sherwin-Williams Co. / The (Chemicals)
  7,017   1,751,583
        6,267,082
Real Estate–2.7%
 		     
American Tower Corp. (Equity REIT)
  13,535   3,400,263
Total Common Stocks (Cost $86,358,003)
    $118,923,500
    
Warrants–0.0% Expiration Strike Price Quantity Value
Communication
Services–0.0%
 		         
Grab Holdings Ltd. (Internet & Direct Marketing Retail)
  12/01/2026 $11.50 9,613 $      7,402
Total Warrants (Cost $27,745)
              $7,402
    
Money Market Funds–2.3% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (c) 2,818,588 $  2,818,306
Total Money Market Funds (Cost $2,817,797)
      $2,818,306
Total Investments – 98.6% (Cost $89,203,545)
  (d)   $121,749,208
Other Assets in Excess of Liabilities – 1.4%     1,744,401
Net Assets – 100.0%     $123,493,609
    
 
Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Non-income producing security.
(b) Security traded on a foreign exchange has been valued at an estimate of fair value that is different than the local market close price. These fair value estimates are determined by an independent fair valuation service that has been approved by the Board. These securities represent $2,117,127 or 1.7% of the Portfolio’s net assets.
(c) Rate represents the seven-day yield at March 31, 2022.
(d) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
16
Ohio National Fund, Inc. ON AB Small Cap Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–96.0% Shares Value
Communication Services–0.9%
 		     
AMC Networks, Inc. Class A (Media)
  (a) 3,530 $    143,424
Cars.com, Inc. (Interactive Media & Svs.)
  (a) 5,115      73,809
Cinemark Holdings, Inc. (Entertainment)
  (a) 9,019     155,848
Cogent Communications Holdings, Inc. (Diversified Telecom. Svs.)
  3,530     234,216
EW Scripps Co. / The Class A (Media)
  (a) 8,220     170,894
TechTarget, Inc. (Media)
  (a) 2,320     188,570
Vonage Holdings Corp. (Diversified Telecom. Svs.)
  (a) 19,669     399,084
        1,365,845
Consumer Discretionary–12.9%
 		     
Abercrombie & Fitch Co. Class A (Specialty Retail)
  (a) 5,210     166,668
Academy Sports & Outdoors, Inc. (Specialty Retail)
  6,319     248,969
Adtalem Global Education, Inc. (Diversified Consumer Svs.)
  (a) 4,134     122,821
American Axle & Manufacturing Holdings, Inc. (Auto Components)
  (a) 19,150     148,604
Asbury Automotive Group, Inc. (Specialty Retail)
  (a) 1,826     292,525
Bed Bath & Beyond, Inc. (Specialty Retail)
  (a) 8,785     197,926
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure)
  6,750     148,095
Boot Barn Holdings, Inc. (Specialty Retail)
  (a) 2,520     238,871
Brinker International, Inc. (Hotels, Restaurants & Leisure)
  (a) 3,970     151,495
Buckle, Inc. / The (Specialty Retail)
  4,240     140,090
Cavco Industries, Inc. (Household Durables)
  (a) 850     204,723
Century Communities, Inc. (Household Durables)
  2,540     136,068
Cheesecake Factory, Inc. / The (Hotels, Restaurants & Leisure)
  (a) 3,690     146,825
Dave & Buster's Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 3,360     164,976
Designer Brands, Inc. Class A (Specialty Retail)
  (a) 10,040     135,640
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)
  1,840     143,428
Dorman Products, Inc. (Auto Components)
  (a) 2,510     238,525
Fisker, Inc. (Automobiles)
  (a) 34,260     441,954
Five Below, Inc. (Specialty Retail)
  (a) 4,460     706,330
Floor & Decor Holdings, Inc. Class A (Specialty Retail)
  (a) 8,710     705,510
Fox Factory Holding Corp. (Auto Components)
  (a) 10,330   1,011,823
Gentherm, Inc. (Auto Components)
  (a) 2,750     200,860
Golden Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 1,470      85,363
Group 1 Automotive, Inc. (Specialty Retail)
  1,410     236,640
Haverty Furniture Cos., Inc. (Specialty Retail)
  3,820     104,744
Hilton Grand Vacations, Inc. (Hotels, Restaurants & Leisure)
  (a) 25,570   1,329,896
Installed Building Products, Inc. (Household Durables)
  1,958     165,431
iRobot Corp. (Household Durables)
  (a) 2,450     155,330
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)
  1,558     145,533
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)
  3,960     163,746
LCI Industries (Auto Components)
  2,180     226,306
LGI Homes, Inc. (Household Durables)
  (a) 1,930     188,522
Life Time Group Holdings, Inc. (Hotels, Restaurants & Leisure)
  (a) 42,119     612,410
Lithia Motors, Inc. (Specialty Retail)
  2,940     882,353
Lovesac Co. / The (Household Durables)
  (a) 12,892     696,942
M.D.C. Holdings, Inc. (Household Durables)
  4,850     183,524
MarineMax, Inc. (Specialty Retail)
  (a) 3,640     146,546
Meritage Homes Corp. (Household Durables)
  (a) 3,170     251,159
National Vision Holdings, Inc. (Specialty Retail)
  (a) 23,350   1,017,359
ODP Corp. / The (Specialty Retail)
  (a) 4,400     201,652
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)
  2,010     181,905
Patrick Industries, Inc. (Auto Components)
  1,980     119,394
Common Stocks (Continued) Shares Value
Consumer Discretionary (continued)
 		     
Planet Fitness, Inc. Class A (Hotels, Restaurants & Leisure)
  (a) 12,030 $  1,016,294
Rent-A-Center, Inc. (Specialty Retail)
  4,917     123,859
Sally Beauty Holdings, Inc. (Specialty Retail)
  (a) 9,740     152,236
Shake Shack, Inc. Class A (Hotels, Restaurants & Leisure)
  (a) 3,100     210,490
Shutterstock, Inc. (Internet & Direct Marketing Retail)
  2,040     189,883
Signet Jewelers Ltd. (Specialty Retail)
  4,460     324,242
Skyline Champion Corp. (Household Durables)
  (a) 15,670     859,970
Sleep Number Corp. (Specialty Retail)
  (a) 12,750     646,553
Sonos, Inc. (Household Durables)
  (a) 9,149     258,185
Steven Madden Ltd. (Textiles, Apparel & Luxury Goods)
  6,550     253,092
Strategic Education, Inc. (Diversified Consumer Svs.)
  2,073     137,606
Sturm Ruger & Co., Inc. (Leisure Products)
  2,740     190,759
Vista Outdoor, Inc. (Leisure Products)
  (a) 5,450     194,511
Wingstop, Inc. (Hotels, Restaurants & Leisure)
  7,090     832,012
Winnebago Industries, Inc. (Automobiles)
  2,890     156,147
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)
  7,240     163,334
       18,896,654
Consumer Staples–3.5%
 		     
B&G Foods, Inc. (Food Products)
  6,090     164,308
Cal-Maine Foods, Inc. (Food Products)
  4,760     262,847
Celsius Holdings, Inc. (Beverages)
  (a) 3,100     171,058
Central Garden & Pet Co. Class A (Household Products)
  (a) 3,610     147,216
Chefs' Warehouse, Inc. / The (Food & Staples Retailing)
  (a) 31,000   1,010,600
Coca-Cola Consolidated, Inc. (Beverages)
  340     168,929
Edgewell Personal Care Co. (Personal Products)
  4,650     170,516
Fresh Del Monte Produce, Inc. (Food Products)
  6,300     163,233
Freshpet, Inc. (Food Products)
  (a) 3,790     389,006
Hostess Brands, Inc. (Food Products)
  (a) 10,075     221,045
Inter Parfums, Inc. (Personal Products)
  2,410     212,200
J & J Snack Foods Corp. (Food Products)
  1,300     201,630
Medifast, Inc. (Personal Products)
  1,020     174,196
National Beverage Corp. (Beverages)
  3,180     138,330
PriceSmart, Inc. (Food & Staples Retailing)
  1,960     154,585
Simply Good Foods Co. / The (Food Products)
  (a) 7,200     273,240
TreeHouse Foods, Inc. (Food Products)
  (a) 4,709     151,912
United Natural Foods, Inc. (Food & Staples Retailing)
  (a) 4,820     199,307
USANA Health Sciences, Inc. (Personal Products)
  (a) 1,970     156,517
Vector Group Ltd. (Tobacco)
  13,620     163,985
Vital Farms, Inc. (Food Products)
  (a) 20,510     253,504
WD-40 Co. (Household Products)
  1,140     208,882
        5,157,046
Energy–4.1%
 		     
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)
  (a) 4,750     280,630
ChampionX Corp. (Energy Equip. & Svs.)
  20,060     491,069
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)
  5,689     339,690
Core Laboratories N.V. (Energy Equip. & Svs.)
  7,290     230,583
Green Plains, Inc. (Oil, Gas & Consumable Fuels)
  (a) 5,960     184,820
Helmerich & Payne, Inc. (Energy Equip. & Svs.)
  9,010     385,448
Magnolia Oil & Gas Corp. Class A (Oil, Gas & Consumable Fuels)
  28,531     674,758
Matador Resources Co. (Oil, Gas & Consumable Fuels)
  30,870   1,635,493
Patterson-UTI Energy, Inc. (Energy Equip. & Svs.)
  15,640     242,107
PBF Energy, Inc. Class A (Oil, Gas & Consumable Fuels)
  (a) 7,990     194,716
Renewable Energy Group, Inc. (Oil, Gas & Consumable Fuels)
  (a) 3,840     232,896
 
17
(continued)
Ohio National Fund, Inc. ON AB Small Cap Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Energy (continued)      
RPC, Inc. (Energy Equip. & Svs.)
  (a) 820 $      8,749
SM Energy Co. (Oil, Gas & Consumable Fuels)
  11,250     438,187
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)
  (a) 80,110     574,389
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)
  4,930     133,307
        6,046,842
Financials–13.5%
 		     
American Equity Investment Life Holding Co. (Insurance)
  7,460     297,729
Ameris Bancorp (Banks)
  5,910     259,331
Apollo Commercial Real Estate Finance, Inc. (Mortgage REIT)
  11,680     162,702
Assured Guaranty Ltd. (Insurance)
  6,640     422,702
Axos Financial, Inc. (Thrifts & Mortgage Finance)
  (a) 4,330     200,869
B. Riley Financial, Inc. (Capital Markets)
  2,670     186,793
BancFirst Corp. (Banks)
  2,560     213,018
BankUnited, Inc. (Banks)
  8,010     352,119
Banner Corp. (Banks)
  3,130     183,199
Brightsphere Investment Group, Inc. (Capital Markets)
  2,827      68,555
Brookline Bancorp, Inc. (Banks)
  11,040     174,653
Columbia Banking System, Inc. (Banks)
  6,120     197,492
Community Bank System, Inc. (Banks)
  4,580     321,287
Customers Bancorp, Inc. (Banks)
  (a) 2,500     130,350
CVB Financial Corp. (Banks)
  10,890     252,757
Dime Community Bancshares, Inc. (Banks)
  5,370     185,641
Donnelley Financial Solutions, Inc. (Capital Markets)
  (a) 310      10,311
Eagle Bancorp, Inc. (Banks)
  3,330     189,843
Employers Holdings, Inc. (Insurance)
  4,390     180,078
Encore Capital Group, Inc. (Consumer Finance)
  (a) 3,210     201,363
Enova International, Inc. (Consumer Finance)
  (a) 5,190     197,064
FB Financial Corp. (Banks)
  4,240     188,341
First BanCorp (Banks)
  18,380     241,146
First Financial Bancorp (Banks)
  7,980     183,939
First Financial Bankshares, Inc. (Banks)
  21,950     968,434
First Hawaiian, Inc. (Banks)
  11,000     306,790
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance)
  4,200     178,080
Genworth Financial, Inc. Class A (Insurance)
  (a) 48,010     181,478
Hilltop Holdings, Inc. (Banks)
  5,070     149,058
Hope Bancorp, Inc. (Banks)
  11,840     190,387
Houlihan Lokey, Inc. (Capital Markets)
  10,750     943,850
Independent Bank Corp. (Banks)
  3,783     309,033
Independent Bank Group, Inc. (Banks)
  3,060     217,750
Investors Bancorp, Inc. (Banks)
  19,420     289,941
James River Group Holdings Ltd. (Insurance)
  4,800     118,752
KKR Real Estate Finance Trust, Inc. (Mortgage REIT)
  8,420     173,536
Lakeland Financial Corp. (Banks)
  1,840     134,320
Live Oak Bancshares, Inc. (Banks)
  12,750     648,847
Meta Financial Group, Inc. (Banks)
  2,510     137,849
Mr. Cooper Group, Inc. (Thrifts & Mortgage Finance)
  (a) 6,180     282,241
National Bank Holdings Corp. Class A (Banks)
  4,450     179,246
NBT Bancorp, Inc. (Banks)
  4,690     169,450
New York Mortgage Trust, Inc. (Mortgage REIT)
  38,720     141,328
NMI Holdings, Inc. Class A (Thrifts & Mortgage Finance)
  (a) 7,570     156,093
Northwest Bancshares, Inc. (Banks)
  12,660     171,037
P10, Inc. Class A (Capital Markets)
  (a) 25,191     305,315
Pacific Premier Bancorp, Inc. (Banks)
  8,070     285,274
Park National Corp. (Banks)
  1,420     186,560
Piper Sandler Cos. (Capital Markets)
  1,530     200,812
PRA Group, Inc. (Consumer Finance)
  (a) 4,720     212,778
ProAssurance Corp. (Insurance)
  7,110     191,117
Provident Financial Services, Inc. (Thrifts & Mortgage Finance)
  7,540     176,436
Redwood Trust, Inc. (Mortgage REIT)
  16,000     168,480
Renasant Corp. (Banks)
  4,640     155,208
Ryan Specialty Group Holdings, Inc. Class A (Insurance)
  (a) 22,179     860,323
Seacoast Banking Corp. of Florida (Banks)
  4,890     171,248
Common Stocks (Continued) Shares Value
Financials (continued)      
ServisFirst Bancshares, Inc. (Banks)
  3,930 $    374,490
Simmons First National Corp. Class A (Banks)
  9,350     245,157
SiriusPoint Ltd. (Insurance)
  (a) 16,800     125,664
Southside Bancshares, Inc. (Banks)
  4,430     180,877
StepStone Group, Inc. Class A (Capital Markets)
  26,440     874,106
Stewart Information Services Corp. (Insurance)
  3,030     183,648
Stifel Financial Corp. (Capital Markets)
  12,100     821,590
StoneX Group, Inc. (Capital Markets)
  (a) 2,800     207,844
Triumph Bancorp, Inc. (Banks)
  (a) 2,360     221,887
Trupanion, Inc. (Insurance)
  (a) 14,010   1,248,571
Trustmark Corp. (Banks)
  110       3,343
Two Harbors Investment Corp. (Mortgage REIT)
  26,710     147,706
United Community Banks, Inc. (Banks)
  8,232     286,474
Veritex Holdings, Inc. (Banks)
  3,580     136,649
Virtus Investment Partners, Inc. (Capital Markets)
  650     155,993
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance)
  2,560     331,315
WSFS Financial Corp. (Thrifts & Mortgage Finance)
  5,151     240,140
       19,747,787
Health Care–16.5%
 		     
ADC Therapeutics SA (Biotechnology)
  (a) 14,674     215,561
Allscripts Healthcare Solutions, Inc. (Health Care Technology)
  (a) 11,420     257,178
AMN Healthcare Services, Inc. (Health Care Providers & Svs.)
  (a) 4,030     420,450
Annexon, Inc. (Biotechnology)
  (a) 21,100      57,603
Apollo Medical Holdings, Inc. (Health Care Providers & Svs.)
  (a) 2,740     132,808
Arrowhead Pharmaceuticals, Inc. (Biotechnology)
  (a) 12,850     590,971
Ascendis Pharma A/S – ADR (Biotechnology)
  (a) 3,134     367,806
AtriCure, Inc. (Health Care Equip. & Supplies)
  (a) 17,920   1,176,806
Biohaven Pharmaceutical Holding Co. Ltd. (Biotechnology)
  (a) 2,810     333,182
Blueprint Medicines Corp. (Biotechnology)
  (a) 7,350     469,518
Cardiovascular Systems, Inc. (Health Care Equip. & Supplies)
  (a) 4,410      99,666
Certara, Inc. (Health Care Technology)
  (a) 26,120     561,058
Coherus Biosciences, Inc. (Biotechnology)
  (a) 27,640     356,832
Community Health Systems, Inc. (Health Care Providers & Svs.)
  (a) 15,940     189,208
CONMED Corp. (Health Care Equip. & Supplies)
  2,520     374,346
Corcept Therapeutics, Inc. (Pharmaceuticals)
  (a) 9,360     210,787
Covetrus, Inc. (Health Care Providers & Svs.)
  (a) 8,680     145,737
Cytokinetics, Inc. (Biotechnology)
  (a) 6,940     255,461
Eagle Pharmaceuticals, Inc. (Biotechnology)
  (a) 4,357     215,628
Emergent BioSolutions, Inc. (Biotechnology)
  (a) 3,789     155,576
Ensign Group, Inc. / The (Health Care Providers & Svs.)
  4,350     391,544
Erasca, Inc. (Biotechnology)
  (a) 16,147     138,864
Figs, Inc. Class A (Health Care Equip. & Supplies)
  (a) 28,771     619,152
Fulgent Genetics, Inc. (Health Care Providers & Svs.)
  (a) 2,310     144,167
Glaukos Corp. (Health Care Equip. & Supplies)
  (a) 3,959     228,909
Harmony Biosciences Holdings, Inc. (Pharmaceuticals)
  (a) 5,051     245,731
Health Catalyst, Inc. (Health Care Technology)
  (a) 31,950     834,853
Heska Corp. (Health Care Equip. & Supplies)
  (a) 969     133,993
Inari Medical, Inc. (Health Care Equip. & Supplies)
  (a) 13,470   1,220,921
Insmed, Inc. (Biotechnology)
  (a) 20,429     480,082
Instil Bio, Inc. (Biotechnology)
  (a) 21,460     230,695
Integer Holdings Corp. (Health Care Equip. & Supplies)
  (a) 2,840     228,819
Intellia Therapeutics, Inc. (Biotechnology)
  (a) 8,500     617,695
iRhythm Technologies, Inc. (Health Care Equip. & Supplies)
  (a) 5,260     828,292
iTeos Therapeutics, Inc. (Biotechnology)
  (a) 9,500     305,710
 
18
(continued)
Ohio National Fund, Inc. ON AB Small Cap Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
Lantheus Holdings, Inc. (Health Care Equip. & Supplies)
  (a) 4,780 $    264,382
Legend Biotech Corp. – ADR (Biotechnology)
  (a) 9,510     345,593
LianBio – ADR (Biotechnology)
  (a) 5,298      19,656
Ligand Pharmaceuticals, Inc. (Biotechnology)
  (a) 1,396     157,036
MEDNAX, Inc. (Health Care Providers & Svs.)
  (a) 7,430     174,456
Merit Medical Systems, Inc. (Health Care Equip. & Supplies)
  (a) 4,190     278,719
Mesa Laboratories, Inc. (Health Care Equip. & Supplies)
  710     180,965
ModivCare, Inc. (Health Care Providers & Svs.)
  (a) 1,273     146,891
Myriad Genetics, Inc. (Biotechnology)
  (a) 6,470     163,044
Nektar Therapeutics (Pharmaceuticals)
  (a) 14,570      78,532
NeoGenomics, Inc. (Life Sciences Tools & Svs.)
  (a) 10,157     123,408
NextGen Healthcare, Inc. (Health Care Technology)
  (a) 9,710     203,036
Omnicell, Inc. (Health Care Technology)
  (a) 3,680     476,523
Outset Medical, Inc. (Health Care Equip. & Supplies)
  (a) 27,150   1,232,610
Owens & Minor, Inc. (Health Care Providers & Svs.)
  6,400     281,728
Pacira BioSciences, Inc. (Pharmaceuticals)
  (a) 3,660     279,331
Praxis Precision Medicines, Inc. (Biotechnology)
  (a) 17,730     181,023
Prestige Consumer Healthcare, Inc. (Pharmaceuticals)
  (a) 4,080     215,995
RadNet, Inc. (Health Care Providers & Svs.)
  (a) 7,950     177,842
Recursion Pharmaceuticals, Inc. Class A (Biotechnology)
  (a) 27,150     194,394
REGENXBIO, Inc. (Biotechnology)
  (a) 5,120     169,933
Relay Therapeutics, Inc. (Biotechnology)
  (a) 14,700     439,971
Repligen Corp. (Life Sciences Tools & Svs.)
  (a) 4,780     899,070
Select Medical Holdings Corp. (Health Care Providers & Svs.)
  9,420     225,986
Sight Sciences, Inc. (Health Care Equip. & Supplies)
  (a) 15,660     181,030
Silk Road Medical, Inc. (Health Care Equip. & Supplies)
  (a) 17,440     720,098
Supernus Pharmaceuticals, Inc. (Pharmaceuticals)
  (a) 5,840     188,749
Surmodics, Inc. (Health Care Equip. & Supplies)
  (a) 3,320     150,496
Tivity Health, Inc. (Health Care Providers & Svs.)
  (a) 7,350     236,450
Treace Medical Concepts, Inc. (Health Care Equip. & Supplies)
  (a) 27,373     517,623
Turning Point Therapeutics, Inc. (Biotechnology)
  (a) 8,890     238,697
Ultragenyx Pharmaceutical, Inc. (Biotechnology)
  (a) 5,230     379,803
Vericel Corp. (Biotechnology)
  (a) 3,990     152,498
Vir Biotechnology, Inc. (Biotechnology)
  (a) 14,690     377,827
Xencor, Inc. (Biotechnology)
  (a) 5,010     133,667
Y-mAbs Therapeutics, Inc. (Biotechnology)
  (a) 24,070     285,952
Zentalis Pharmaceuticals, Inc. (Biotechnology)
  (a) 7,730     356,662
Zimvie, Inc. (Health Care Equip. & Supplies)
  (a) 1,510      34,488
       24,099,773
Industrials–16.6%
 		     
AAON, Inc. (Building Products)
  3,530     196,727
AAR Corp. (Aerospace & Defense)
  (a) 4,420     214,061
ABM Industries, Inc. (Commercial Svs. & Supplies)
  5,880     270,715
Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense)
  (a) 6,090     239,641
AeroVironment, Inc. (Aerospace & Defense)
  (a) 1,930     181,690
Alamo Group, Inc. (Machinery)
  1,130     162,483
Albany International Corp. Class A (Machinery)
  2,590     218,389
Allegiant Travel Co. (Airlines)
  (a) 1,130     183,501
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)
  3,340     342,884
ArcBest Corp. (Road & Rail)
  2,440     196,420
Arcosa, Inc. (Construction & Engineering)
  4,130     236,443
Common Stocks (Continued) Shares Value
Industrials (continued)      
Astec Industries, Inc. (Machinery)
  2,850 $    122,550
Atlas Air Worldwide Holdings, Inc. (Air Freight & Logistics)
  (a) 2,620     226,289
Axon Enterprise, Inc. (Aerospace & Defense)
  (a) 6,060     834,644
AZEK Co., Inc. / The (Building Products)
  (a) 25,410     631,184
AZZ, Inc. (Electrical Equip.)
  3,380     163,051
Barnes Group, Inc. (Machinery)
  3,920     157,545
Boise Cascade Co. (Trading Companies & Distributors)
  3,460     240,366
Brady Corp. Class A (Commercial Svs. & Supplies)
  4,230     195,722
Comfort Systems U.S.A., Inc. (Construction & Engineering)
  3,020     268,810
Driven Brands Holdings, Inc. (Commercial Svs. & Supplies)
  (a) 36,410     956,855
Encore Wire Corp. (Electrical Equip.)
  2,380     271,487
EnPro Industries, Inc. (Machinery)
  2,070     202,301
ESCO Technologies, Inc. (Machinery)
  2,290     160,117
Exponent, Inc. (Professional Svs.)
  4,430     478,661
Federal Signal Corp. (Machinery)
  5,150     173,813
Forward Air Corp. (Air Freight & Logistics)
  2,420     236,628
Franklin Electric Co., Inc. (Machinery)
  3,280     272,371
Gibraltar Industries, Inc. (Building Products)
  (a) 2,710     116,395
GMS, Inc. (Trading Companies & Distributors)
  (a) 4,070     202,564
Granite Construction, Inc. (Construction & Engineering)
  4,660     152,848
Griffon Corp. (Building Products)
  6,550     131,197
Hayward Holdings, Inc. (Building Products)
  (a) 45,680     759,202
Herc Holdings, Inc. (Trading Companies & Distributors)
  7,140   1,193,023
Hillenbrand, Inc. (Machinery)
  6,520     287,988
HNI Corp. (Commercial Svs. & Supplies)
  4,200     155,610
Hub Group, Inc. Class A (Air Freight & Logistics)
  (a) 2,970     229,314
Insperity, Inc. (Professional Svs.)
  8,720     875,662
ITT, Inc. (Machinery)
  10,528     791,811
John Bean Technologies Corp. (Machinery)
  11,320   1,341,080
KAR Auction Services, Inc. (Commercial Svs. & Supplies)
  (a) 9,404     169,742
Korn Ferry (Professional Svs.)
  4,710     305,867
Kornit Digital Ltd. (Machinery)
  (a) 8,620     712,788
Lindsay Corp. (Machinery)
  1,070     168,001
ManTech International Corp. Class A (Professional Svs.)
  2,290     197,375
Matson, Inc. (Marine)
  3,810     459,562
Meritor, Inc. (Machinery)
  (a) 7,320     260,372
Middleby Corp. / The (Machinery)
  (a) 4,860     796,748
Moog, Inc. Class A (Aerospace & Defense)
  2,460     215,988
Mueller Industries, Inc. (Machinery)
  4,750     257,307
MYR Group, Inc. (Construction & Engineering)
  (a) 2,280     214,411
Pitney Bowes, Inc. (Commercial Svs. & Supplies)
  23,790     123,708
Resideo Technologies, Inc. (Building Products)
  (a) 12,440     296,445
Saia, Inc. (Road & Rail)
  (a) 4,779   1,165,216
Simpson Manufacturing Co., Inc. (Building Products)
  8,670     945,377
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)
  (a) 4,830     780,963
SPX Corp. (Machinery)
  (a) 3,807     188,104
SPX FLOW, Inc. (Machinery)
  3,740     322,463
Tennant Co. (Machinery)
  2,250     177,300
Tetra Tech, Inc. (Commercial Svs. & Supplies)
  8,580   1,415,185
U.S. Ecology, Inc. (Commercial Svs. & Supplies)
  (a) 4,190     200,617
UFP Industries, Inc. (Building Products)
  5,290     408,176
UniFirst Corp. (Commercial Svs. & Supplies)
  1,270     234,036
       24,287,793
Information Technology–19.3%
 		     
3D Systems Corp. (Tech. Hardware, Storage & Periph.)
  (a) 10,730     178,976
8x8, Inc. (Software)
  (a) 9,319     117,326
ADTRAN, Inc. (Communications Equip.)
  10,400     191,880
Advanced Energy Industries, Inc. (Electronic Equip., Instr. & Comp.)
  3,220     277,178
Alarm.com Holdings, Inc. (Software)
  (a) 3,760     249,890
 
19
(continued)
Ohio National Fund, Inc. ON AB Small Cap Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Information Technology (continued)
 		     
Allegro MicroSystems, Inc. (Semiconductors & Equip.)
  (a) 25,240 $    716,816
Ambarella, Inc. (Semiconductors & Equip.)
  (a) 6,140     644,209
Anaplan, Inc. (Software)
  (a) 10,110     657,656
Axcelis Technologies, Inc. (Semiconductors & Equip.)
  (a) 2,350     177,496
Badger Meter, Inc. (Electronic Equip., Instr. & Comp.)
  2,470     246,284
BigCommerce Holdings, Inc. Series 1 (IT Svs.)
  (a) 22,690     497,138
Blackline, Inc. (Software)
  (a) 10,260     751,237
Bottomline Technologies DE, Inc. (Software)
  (a) 4,680     265,262
Braze, Inc. Class A (Software)
  (a) 8,785     364,314
Cerence, Inc. (Software)
  (a) 2,723      98,300
Cohu, Inc. (Semiconductors & Equip.)
  (a) 4,400     130,240
CSG Systems International, Inc. (IT Svs.)
  2,350     149,390
DigitalOcean Holdings, Inc. (IT Svs.)
  (a) 12,144     702,530
Diodes, Inc. (Semiconductors & Equip.)
  (a) 3,700     321,863
Enfusion, Inc. Class A (Software)
  (a) 21,526     273,811
EVERTEC, Inc. (IT Svs.)
  5,340     218,566
ExlService Holdings, Inc. (IT Svs.)
  (a) 2,890     414,050
Extreme Networks, Inc. (Communications Equip.)
  (a) 15,620     190,720
Fabrinet (Electronic Equip., Instr. & Comp.)
  (a) 3,110     326,954
FARO Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 2,340     121,493
FormFactor, Inc. (Semiconductors & Equip.)
  (a) 6,810     286,224
Insight Enterprises, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 3,010     323,033
InterDigital, Inc. (Software)
  2,560     163,328
Itron, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 3,750     197,550
Knowles Corp. (Electronic Equip., Instr. & Comp.)
  (a) 8,500     183,005
Kulicke & Soffa Industries, Inc. (Semiconductors & Equip.)
  5,310     297,466
Lattice Semiconductor Corp. (Semiconductors & Equip.)
  (a) 21,885   1,333,891
Littelfuse, Inc. (Electronic Equip., Instr. & Comp.)
  3,460     862,959
LivePerson, Inc. (Software)
  (a) 5,529     135,018
MACOM Technology Solutions Holdings, Inc. (Semiconductors & Equip.)
  (a) 17,138   1,026,052
Manhattan Associates, Inc. (Software)
  (a) 7,708   1,069,177
MaxLinear, Inc. (Semiconductors & Equip.)
  (a) 5,930     346,016
Monday.com Ltd. (Software)
  (a) 2,890     456,822
NetScout Systems, Inc. (Communications Equip.)
  (a) 5,976     191,710
Novanta, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 8,225   1,170,335
Onto Innovation, Inc. (Semiconductors & Equip.)
  (a) 11,460     995,759
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 1,837     156,365
Perficient, Inc. (IT Svs.)
  (a) 2,710     298,344
Plexus Corp. (Electronic Equip., Instr. & Comp.)
  (a) 2,500     204,525
Progress Software Corp. (Software)
  3,160     148,804
Rambus, Inc. (Semiconductors & Equip.)
  (a) 9,360     298,490
Rapid7, Inc. (Software)
  (a) 11,104   1,235,209
Rogers Corp. (Electronic Equip., Instr. & Comp.)
  (a) 1,630     442,871
Sanmina Corp. (Electronic Equip., Instr. & Comp.)
  (a) 5,660     228,777
Semtech Corp. (Semiconductors & Equip.)
  (a) 10,650     738,471
Shift4 Payments, Inc. Class A (IT Svs.)
  (a) 12,582     779,203
Silicon Laboratories, Inc. (Semiconductors & Equip.)
  (a) 6,070     911,714
Smartsheet, Inc. Class A (Software)
  (a) 11,910     652,430
SPS Commerce, Inc. (Software)
  (a) 3,120     409,344
Switch, Inc. Class A (IT Svs.)
  30,380     936,312
Synaptics, Inc. (Semiconductors & Equip.)
  (a) 6,255   1,247,873
TTEC Holdings, Inc. (IT Svs.)
  1,750     144,410
TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 11,850     175,617
Ultra Clean Holdings, Inc. (Semiconductors & Equip.)
  (a) 3,830     162,354
Unisys Corp. (IT Svs.)
  (a) 8,300     179,363
Varonis Systems, Inc. (Software)
  (a) 23,610   1,122,419
Common Stocks (Continued) Shares Value
Information Technology (continued)
 		     
Viavi Solutions, Inc. (Communications Equip.)
  (a) 19,550 $    314,364
Xperi Holding Corp. (Software)
  8,650     149,818
       28,259,001
Materials–3.4%
 		     
Allegheny Technologies, Inc. (Metals & Mining)
  (a) 10,700     287,188
Arconic Corp. (Metals & Mining)
  (a) 8,080     207,010
Balchem Corp. (Chemicals)
  2,790     381,393
Carpenter Technology Corp. (Metals & Mining)
  4,690     196,886
Compass Minerals International, Inc. (Metals & Mining)
  2,478     155,594
Element Solutions, Inc. (Chemicals)
  35,570     778,983
Ferro Corp. (Chemicals)
  (a) 10,670     231,966
H.B. Fuller Co. (Chemicals)
  4,520     298,636
Innospec, Inc. (Chemicals)
  2,190     202,684
Livent Corp. (Chemicals)
  (a) 12,820     334,217
O-I Glass, Inc. (Containers & Packaging)
  (a) 14,010     184,652
Quaker Chemical Corp. (Chemicals)
  1,100     190,091
Ranpak Holdings Corp. (Containers & Packaging)
  (a) 31,778     649,225
Schweitzer-Mauduit International, Inc. (Paper & Forest Products)
  3,890     106,975
Stepan Co. (Chemicals)
  1,770     174,894
Sylvamo Corp. (Paper & Forest Products)
  (a) 6,190     206,003
Trinseo PLC (Chemicals)
  3,160     151,427
Warrior Met Coal, Inc. (Metals & Mining)
  3,860     143,245
        4,881,069
Real Estate–4.3%
 		     
Agree Realty Corp. (Equity REIT)
  5,300     351,708
American Assets Trust, Inc. (Equity REIT)
  5,070     192,102
Brandywine Realty Trust (Equity REIT)
  14,450     204,323
CareTrust REIT, Inc. (Equity REIT)
  8,080     155,944
Community Healthcare Trust, Inc. (Equity REIT)
  3,490     147,313
DiamondRock Hospitality Co. (Equity REIT)
  (a) 18,760     189,476
Douglas Elliman, Inc. (Real Estate Mgmt. & Development)
  6,810      49,713
Easterly Government Properties, Inc. (Equity REIT)
  8,296     175,377
Essential Properties Realty Trust, Inc. (Equity REIT)
  9,500     240,350
Four Corners Property Trust, Inc. (Equity REIT)
  6,770     183,061
Getty Realty Corp. (Equity REIT)
  5,630     161,131
Global Net Lease, Inc. (Equity REIT)
  9,430     148,334
Independence Realty Trust, Inc. (Equity REIT)
  15,782     417,276
Industrial Logistics Properties Trust (Equity REIT)
  7,170     162,544
Innovative Industrial Properties, Inc. (Equity REIT)
  2,040     419,016
LTC Properties, Inc. (Equity REIT)
  5,110     196,582
LXP Industrial Trust (Equity REIT)
  23,230     364,711
NexPoint Residential Trust, Inc. (Equity REIT)
  1,600     144,496
Office Properties Income Trust (Equity REIT)
  6,400     164,672
Realogy Holdings Corp. (Real Estate Mgmt. & Development)
  (a) 10,280     161,190
Retail Opportunity Investments Corp. (Equity REIT)
  10,100     195,839
Safehold, Inc. (Equity REIT)
  2,510     139,180
SITE Centers Corp. (Equity REIT)
  14,460     241,627
St. Joe Co. / The (Real Estate Mgmt. & Development)
  3,880     229,851
Tanger Factory Outlet Centers, Inc. (Equity REIT)
  10,180     174,994
Uniti Group, Inc. (Equity REIT)
  20,270     278,915
Urban Edge Properties (Equity REIT)
  8,010     152,991
Veris Residential, Inc. (Equity REIT)
  (a) 10,860     188,855
Washington Real Estate Investment Trust (Equity REIT)
  7,650     195,075
Xenia Hotels & Resorts, Inc. (Equity REIT)
  (a) 10,060     194,057
        6,220,703
Utilities–1.0%
 		     
American States Water Co. (Water Utilities)
  3,140     279,523
Avista Corp. (Multi-Utilities)
  5,790     261,418
California Water Service Group (Water Utilities)
  4,230     250,754
 
20
(continued)
Ohio National Fund, Inc. ON AB Small Cap Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Utilities (continued)      
Chesapeake Utilities Corp. (Gas Utilities)
  1,500 $    206,640
Middlesex Water Co. (Water Utilities)
  1,580     166,169
South Jersey Industries, Inc. (Gas Utilities)
  8,620     297,821
        1,462,325
Total Common Stocks (Cost $148,821,884)
    $140,424,838
    
Exchange Traded Funds–0.6% Shares Value
iShares Core S&P Small-Cap ETF
  7,367 $    794,752
Total Exchange Traded Funds (Cost $798,923)
        $794,752
Money Market Funds–1.1% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (b) 1,621,360 $  1,621,198
Total Money Market Funds (Cost $1,621,170)
      $1,621,198
Total Investments – 97.7% (Cost $151,241,977)
  (c)   $142,840,788
Other Assets in Excess of Liabilities – 2.3%
    3,399,782
Net Assets – 100.0%     $146,240,570
    
 
Percentages are stated as a percent of net assets.
    
Abbreviations:  
ADR: American Depositary Receipts
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2022.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
21
Ohio National Fund, Inc. ON AB Mid Cap Core Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–99.1% Shares Value
Communication Services–1.6%
 		     
Criteo SA – ADR (Media)
  (a) 9,420 $   256,601
Discovery, Inc. Class A (Media)
  (a) 2,020     50,338
Discovery, Inc. Class C (Media)
  (a) 2,360     58,929
Fox Corp. Class A (Media)
  2,040     80,478
Interpublic Group of Cos., Inc. / The (Media)
  2,400     85,080
Liberty Broadband Corp. Class A (Media)
  (a) 480     62,909
Liberty Broadband Corp. Class C (Media)
  (a) 660     89,311
Liberty Media Corp. - Liberty Formula One Class C (Media)
  (a) 1,385     96,729
Liberty Media Corp. - Liberty SiriusXM Class A (Media)
  (a) 1,330     60,794
Match Group, Inc. (Interactive Media & Svs.)
  (a) 920    100,041
Omnicom Group, Inc. (Media)
  930     78,938
Paramount Global Class B (Media)
  2,310     87,341
Roku, Inc. (Entertainment)
  (a) 450     56,372
Sirius XM Holdings, Inc. (Media)
  10,060     66,597
Spotify Technology SA (Entertainment)
  (a) 550     83,061
Take-Two Interactive Software, Inc. (Entertainment)
  (a) 470     72,258
Twitter, Inc. (Interactive Media & Svs.)
  (a) 3,190    123,421
       1,509,198
Consumer Discretionary–14.2%
 		     
Advance Auto Parts, Inc. (Specialty Retail)
  380     78,645
Aptiv PLC (Auto Components)
  (a) 1,100    131,681
Aramark (Hotels, Restaurants & Leisure)
  1,962     73,771
AutoZone, Inc. (Specialty Retail)
  (a) 90    184,012
Best Buy Co., Inc. (Specialty Retail)
  940     85,446
Burlington Stores, Inc. (Specialty Retail)
  (a) 264     48,093
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 770     59,567
CarMax, Inc. (Specialty Retail)
  (a) 671     64,738
Carnival Corp. (Hotels, Restaurants & Leisure)
  (a) 3,130     63,289
Carter's, Inc. (Textiles, Apparel & Luxury Goods)
  3,697    340,087
Carvana Co. (Specialty Retail)
  (a) 270     32,208
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)
  (a) 110    174,023
D.R. Horton, Inc. (Household Durables)
  1,350    100,589
Dana, Inc. (Auto Components)
  8,858    155,635
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)
  530     70,464
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)
  3,921    305,642
Dollar Tree, Inc. (Multiline Retail)
  (a) 970    155,345
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)
  180     73,262
DoorDash, Inc. Class A (Internet & Direct Marketing Retail)
  (a) 531     62,228
DraftKings, Inc. Class A (Hotels, Restaurants & Leisure)
  (a) 3,400     66,198
Dutch Bros, Inc. Class A (Hotels, Restaurants & Leisure)
  (a) 6,234    344,553
Etsy, Inc. (Internet & Direct Marketing Retail)
  (a) 484     60,152
Expedia Group, Inc. (Hotels, Restaurants & Leisure)
  (a) 570    111,532
Fisker, Inc. (Automobiles)
  (a) 11,680    150,672
Five Below, Inc. (Specialty Retail)
  (a) 3,111    492,689
Floor & Decor Holdings, Inc. Class A (Specialty Retail)
  (a) 5,287    428,247
Frontdoor, Inc. (Diversified Consumer Svs.)
  (a) 1,428     42,626
Garmin Ltd. (Household Durables)
  610     72,352
Gentex Corp. (Auto Components)
  2,170     63,299
Genuine Parts Co. (Distributors)
  610     76,872
Goodyear Tire & Rubber Co. / The (Auto Components)
  (a) 22,120    316,095
Hasbro, Inc. (Leisure Products)
  770     63,078
Hilton Grand Vacations, Inc. (Hotels, Restaurants & Leisure)
  (a) 6,100    317,261
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)
  (a) 1,120    169,949
Hyatt Hotels Corp. Class A (Hotels, Restaurants & Leisure)
  (a) 690     65,861
KB Home (Household Durables)
  6,780    219,536
Common Stocks (Continued) Shares Value
Consumer Discretionary (continued)
 		     
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)
  3,802 $   157,213
Latham Group, Inc. (Leisure Products)
  (a) 22,625    299,555
Lear Corp. (Auto Components)
  419     59,745
Lennar Corp. Class A (Household Durables)
  1,100     89,287
Lithia Motors, Inc. (Specialty Retail)
  1,380    414,166
LKQ Corp. (Distributors)
  1,630     74,018
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)
  (a) 460    168,006
MGM Resorts International (Hotels, Restaurants & Leisure)
  1,930     80,944
Mister Car Wash, Inc. (Diversified Consumer Svs.)
  (a) 19,932    294,794
Mohawk Industries, Inc. (Household Durables)
  (a) 370     45,954
National Vision Holdings, Inc. (Specialty Retail)
  (a) 9,430    410,865
NVR, Inc. (Household Durables)
  (a) 76    339,513
O'Reilly Automotive, Inc. (Specialty Retail)
  (a) 290    198,638
Papa John's International, Inc. (Hotels, Restaurants & Leisure)
  2,740    288,467
Planet Fitness, Inc. Class A (Hotels, Restaurants & Leisure)
  (a) 6,130    517,862
Pool Corp. (Distributors)
  1,573    665,143
PulteGroup, Inc. (Household Durables)
  8,450    354,055
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)
  3,040    344,858
RH (Specialty Retail)
  (a) 110     35,870
Sally Beauty Holdings, Inc. (Specialty Retail)
  (a) 15,900    248,517
Scientific Games Corp. (Hotels, Restaurants & Leisure)
  (a) 3,260    191,525
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)
  7,850    291,627
Taylor Morrison Home Corp. (Household Durables)
  (a) 6,060    164,953
Tempur Sealy International, Inc. (Household Durables)
  12,490    348,721
Terminix Global Holdings, Inc. (Diversified Consumer Svs.)
  (a) 1,499     68,399
TopBuild Corp. (Household Durables)
  (a) 1,650    299,293
Tractor Supply Co. (Specialty Retail)
  470    109,684
Ulta Beauty, Inc. (Specialty Retail)
  (a) 230     91,591
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods)
  (a) 3,140     53,443
V.F. Corp. (Textiles, Apparel & Luxury Goods)
  1,330     75,624
Vail Resorts, Inc. (Hotels, Restaurants & Leisure)
  1,740    452,870
Victoria's Secret & Co. (Specialty Retail)
  (a) 386     19,825
Wayfair, Inc. Class A (Internet & Direct Marketing Retail)
  (a) 288     31,905
Williams-Sonoma, Inc. (Specialty Retail)
  2,470    358,150
Yum China Holdings, Inc. (Hotels, Restaurants & Leisure)
  1,640     68,126
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)
  1,150    136,309
      13,169,212
Consumer Staples–2.5%
 		     
Archer-Daniels-Midland Co. (Food Products)
  2,280    205,793
Boston Beer Co., Inc. / The Class A (Beverages)
  (a) 60     23,308
Brown-Forman Corp. Class B (Beverages)
  1,000     67,020
Bunge Ltd. (Food Products)
  900     99,729
Campbell Soup Co. (Food Products)
  1,600     71,312
Church & Dwight Co., Inc. (Household Products)
  1,020    101,368
Clorox Co. / The (Household Products)
  510     70,905
Conagra Brands, Inc. (Food Products)
  2,060     69,154
Freshpet, Inc. (Food Products)
  (a) 2,200    225,808
Hain Celestial Group, Inc. / The (Food Products)
  (a) 9,800    337,120
Hershey Co. / The (Food Products)
  600    129,978
Hormel Foods Corp. (Food Products)
  1,650     85,041
J.M. Smucker Co. / The (Food Products)
  580     78,538
Kellogg Co. (Food Products)
  1,220     78,678
Kroger Co. / The (Food & Staples Retailing)
  3,100    177,847
McCormick & Co., Inc. (Food Products)
  1,010    100,798
 
22
(continued)
Ohio National Fund, Inc. ON AB Mid Cap Core Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Consumer Staples (continued)
 		     
Nomad Foods Ltd. (Food Products)
  (a) 12,820 $   289,476
Tyson Foods, Inc. Class A (Food Products)
  1,180    105,763
       2,317,636
Energy–4.5%
 		     
Baker Hughes Co. (Energy Equip. & Svs.)
  3,800    138,358
Cactus, Inc. Class A (Energy Equip. & Svs.)
  10,770    611,090
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)
  980    135,877
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)
  16,290    439,341
Devon Energy Corp. (Oil, Gas & Consumable Fuels)
  3,260    192,764
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)
  650     89,102
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)
  395     21,433
Halliburton Co. (Energy Equip. & Svs.)
  3,900    147,693
Helmerich & Payne, Inc. (Energy Equip. & Svs.)
  850     36,363
Hess Corp. (Oil, Gas & Consumable Fuels)
  1,130    120,955
HF Sinclair Corp. (Oil, Gas & Consumable Fuels)
  (a) 9,430    375,785
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)
  2,660    227,430
Matador Resources Co. (Oil, Gas & Consumable Fuels)
  6,701    355,019
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  3,440    195,186
ONEOK, Inc. (Oil, Gas & Consumable Fuels)
  1,810    127,840
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)
  3,970    214,658
Phillips 66 (Oil, Gas & Consumable Fuels)
  1,700    146,863
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)
  830    207,525
Targa Resources Corp. (Oil, Gas & Consumable Fuels)
  1,100     83,017
Valero Energy Corp. (Oil, Gas & Consumable Fuels)
  1,580    160,433
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)
  5,010    167,384
       4,194,116
Financials–13.5%
 		     
Aflac, Inc. (Insurance)
  2,600    167,414
AGNC Investment Corp. (Mortgage REIT)
  4,250     55,675
Ally Financial, Inc. (Consumer Finance)
  1,520     66,090
American Financial Group, Inc. (Insurance)
  2,570    374,243
Ameriprise Financial, Inc. (Capital Markets)
  480    144,173
Annaly Capital Management, Inc. (Mortgage REIT)
  8,400     59,136
Apollo Global Management, Inc. (Diversified Financial Svs.)
  1,322     81,951
Arch Capital Group Ltd. (Insurance)
  (a) 1,920     92,966
Ares Management Corp. Class A (Capital Markets)
  7,028    570,884
Arthur J. Gallagher & Co. (Insurance)
  780    136,188
BankUnited, Inc. (Banks)
  6,640    291,894
Brown & Brown, Inc. (Insurance)
  1,430    103,346
Carlyle Group, Inc. / The (Capital Markets)
  1,790     87,549
CBOE Global Markets, Inc. (Capital Markets)
  734     83,984
Cincinnati Financial Corp. (Insurance)
  680     92,453
Citizens Financial Group, Inc. (Banks)
  1,740     78,874
Comerica, Inc. (Banks)
  4,810    434,968
Commerce Bancshares, Inc. (Banks)
  1,029     73,666
Discover Financial Services (Consumer Finance)
  1,250    137,737
East West Bancorp, Inc. (Banks)
  1,000     79,020
FactSet Research Systems, Inc. (Capital Markets)
  230     99,854
Fidelity National Financial, Inc. (Insurance)
  1,670     81,563
Fifth Third Bancorp (Banks)
  2,900    124,816
First BanCorp (Banks)
  8,485    111,323
First Citizens BancShares, Inc. Class A (Banks)
  630    419,328
First Hawaiian, Inc. (Banks)
  11,440    319,062
First Republic Bank (Banks)
  710    115,091
Franklin Resources, Inc. (Capital Markets)
  2,540     70,917
Common Stocks (Continued) Shares Value
Financials (continued)      
Goosehead Insurance, Inc. Class A (Insurance)
  2,090 $   164,211
Hanover Insurance Group, Inc. / The (Insurance)
  2,000    299,040
Hartford Financial Services Group, Inc. / The (Insurance)
  1,470    105,561
Huntington Bancshares, Inc. (Banks)
  4,980     72,808
Invesco Ltd. (Capital Markets)
  2,820     65,029
Kemper Corp. (Insurance)
  4,090    231,249
KeyCorp (Banks)
  3,650     81,687
Kinsale Capital Group, Inc. (Insurance)
  1,830    417,277
KKR & Co., Inc. (Capital Markets)
  2,230    130,388
Lincoln National Corp. (Insurance)
  940     61,438
Loews Corp. (Insurance)
  1,370     88,803
LPL Financial Holdings, Inc. (Capital Markets)
  3,170    579,095
M&T Bank Corp. (Banks)
  520     88,140
Markel Corp. (Insurance)
  (a) 60     88,514
MarketAxess Holdings, Inc. (Capital Markets)
  160     54,432
Moelis & Co. Class A (Capital Markets)
  5,807    272,639
MSCI, Inc. (Capital Markets)
  329    165,447
Nasdaq, Inc. (Capital Markets)
  470     83,754
Northern Trust Corp. (Capital Markets)
  780     90,831
Pinnacle Financial Partners, Inc. (Banks)
  2,714    249,905
Principal Financial Group, Inc. (Insurance)
  1,190     87,358
Prudential Financial, Inc. (Insurance)
  1,630    192,617
Raymond James Financial, Inc. (Capital Markets)
  870     95,622
Regions Financial Corp. (Banks)
  3,530     78,578
Rocket Cos., Inc. Class A (Thrifts & Mortgage Finance)
  5,490     61,049
Selective Insurance Group, Inc. (Insurance)
  2,880    257,357
Signature Bank (Banks)
  1,110    325,774
State Street Corp. (Capital Markets)
  1,440    125,453
Stifel Financial Corp. (Capital Markets)
  3,800    258,020
SVB Financial Group (Banks)
  (a) 511    285,879
Synchrony Financial (Consumer Finance)
  2,390     83,196
Synovus Financial Corp. (Banks)
  6,810    333,690
T. Rowe Price Group, Inc. (Capital Markets)
  920    139,095
Texas Capital Bancshares, Inc. (Banks)
  (a) 4,960    284,258
Tradeweb Markets, Inc. Class A (Capital Markets)
  940     82,598
Trupanion, Inc. (Insurance)
  (a) 4,620    411,734
Umpqua Holdings Corp. (Banks)
  10,810    203,877
Upstart Holdings, Inc. (Consumer Finance)
  (a) 166     18,109
W.R. Berkley Corp. (Insurance)
  1,433     95,390
Webster Financial Corp. (Banks)
  5,580    313,150
Willis Towers Watson PLC (Insurance)
  530    125,197
Wintrust Financial Corp. (Banks)
  3,080    286,224
Zions Bancorp N.A. (Banks)
  6,510    426,796
      12,515,434
Health Care–12.4%
 		     
ABIOMED, Inc. (Health Care Equip. & Supplies)
  (a) 240     79,498
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)
  (a) 5,590    366,313
ADC Therapeutics SA (Biotechnology)
  (a) 5,690     83,586
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)
  1,260    166,736
Alnylam Pharmaceuticals, Inc. (Biotechnology)
  (a) 540     88,177
AmerisourceBergen Corp. (Health Care Providers & Svs.)
  630     97,467
Arcus Biosciences, Inc. (Biotechnology)
  (a) 4,190    132,236
Arrowhead Pharmaceuticals, Inc. (Biotechnology)
  (a) 4,400    202,356
Ascendis Pharma A/S – ADR (Biotechnology)
  (a) 1,365    160,196
AtriCure, Inc. (Health Care Equip. & Supplies)
  (a) 7,610    499,749
Avantor, Inc. (Life Sciences Tools & Svs.)
  (a) 2,380     80,492
Biohaven Pharmaceutical Holding Co. Ltd. (Biotechnology)
  (a) 780     92,485
BioMarin Pharmaceutical, Inc. (Biotechnology)
  (a) 975     75,173
Bio-Rad Laboratories, Inc. Class A (Life Sciences Tools & Svs.)
  (a) 120     67,588
Blueprint Medicines Corp. (Biotechnology)
  (a) 2,533    161,808
Catalent, Inc. (Pharmaceuticals)
  (a) 679     75,301
Cerner Corp. (Health Care Technology)
  1,250    116,950
 
23
(continued)
Ohio National Fund, Inc. ON AB Mid Cap Core Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
Change Healthcare, Inc. (Health Care Technology)
  (a) 16,090 $   350,762
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)
  (a) 230     65,313
Coherus Biosciences, Inc. (Biotechnology)
  (a) 11,080    143,043
Cooper Cos., Inc. / The (Health Care Equip. & Supplies)
  201     83,936
DaVita, Inc. (Health Care Providers & Svs.)
  (a) 650     73,522
DENTSPLY SIRONA, Inc. (Health Care Equip. & Supplies)
  1,134     55,815
Dexcom, Inc. (Health Care Equip. & Supplies)
  (a) 370    189,292
Elanco Animal Health, Inc. (Pharmaceuticals)
  (a) 2,404     62,720
Envista Holdings Corp. (Health Care Equip. & Supplies)
  (a) 5,880    286,415
Erasca, Inc. (Biotechnology)
  (a) 6,787     58,368
Guardant Health, Inc. (Health Care Providers & Svs.)
  (a) 3,236    214,353
Hologic, Inc. (Health Care Equip. & Supplies)
  (a) 1,160     89,111
Horizon Therapeutics PLC (Biotechnology)
  (a) 810     85,220
ICON PLC (Life Sciences Tools & Svs.)
  (a) 1,740    423,203
ICU Medical, Inc. (Health Care Equip. & Supplies)
  (a) 274     61,003
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)
  (a) 350    191,471
Inari Medical, Inc. (Health Care Equip. & Supplies)
  (a) 5,720    518,461
Instil Bio, Inc. (Biotechnology)
  (a) 9,370    100,727
Insulet Corp. (Health Care Equip. & Supplies)
  (a) 870    231,759
Integra LifeSciences Holdings Corp. (Health Care Equip. & Supplies)
  (a) 4,460    286,600
Intellia Therapeutics, Inc. (Biotechnology)
  (a) 2,830    205,656
IQVIA Holdings, Inc. (Life Sciences Tools & Svs.)
  (a) 780    180,344
iRhythm Technologies, Inc. (Health Care Equip. & Supplies)
  (a) 2,030    319,664
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)
  (a) 400    105,464
Legend Biotech Corp. – ADR (Biotechnology)
  (a) 4,140    150,448
LianBio – ADR (Biotechnology)
  (a) 2,464      9,141
Maravai LifeSciences Holdings, Inc. Class A (Life Sciences Tools & Svs.)
  (a) 1,960     69,129
Masimo Corp. (Health Care Equip. & Supplies)
  (a) 330     48,028
McKesson Corp. (Health Care Providers & Svs.)
  650    198,984
MEDNAX, Inc. (Health Care Providers & Svs.)
  (a) 14,800    347,504
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)
  (a) 90    123,587
Molina Healthcare, Inc. (Health Care Providers & Svs.)
  (a) 300    100,077
Neurocrine Biosciences, Inc. (Biotechnology)
  (a) 802     75,188
Novocure Ltd. (Health Care Equip. & Supplies)
  (a) 420     34,797
Oak Street Health, Inc. (Health Care Providers & Svs.)
  (a) 1,240     33,331
PerkinElmer, Inc. (Life Sciences Tools & Svs.)
  420     73,273
QIAGEN N.V. (Life Sciences Tools & Svs.)
  (a) 1,580     77,420
Quest Diagnostics, Inc. (Health Care Providers & Svs.)
  580     79,379
R1 RCM, Inc. (Health Care Providers & Svs.)
  (a) 12,959    346,783
Repligen Corp. (Life Sciences Tools & Svs.)
  (a) 2,870    539,818
ResMed, Inc. (Health Care Equip. & Supplies)
  590    143,081
Royalty Pharma PLC Class A (Pharmaceuticals)
  1,730     67,401
Sarepta Therapeutics, Inc. (Biotechnology)
  (a) 903     70,542
Seagen, Inc. (Biotechnology)
  (a) 530     76,346
Silk Road Medical, Inc. (Health Care Equip. & Supplies)
  (a) 7,600    313,804
STERIS PLC (Health Care Equip. & Supplies)
  360     87,037
Syneos Health, Inc. (Life Sciences Tools & Svs.)
  (a) 4,640    375,608
Teladoc Health, Inc. (Health Care Technology)
  (a) 440     31,737
Teleflex, Inc. (Health Care Equip. & Supplies)
  195     69,192
Turning Point Therapeutics, Inc. (Biotechnology)
  (a) 3,850    103,372
Ultragenyx Pharmaceutical, Inc. (Biotechnology)
  (a) 2,845    206,604
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
Universal Health Services, Inc. Class B (Health Care Providers & Svs.)
  510 $    73,925
Veeva Systems, Inc. Class A (Health Care Technology)
  (a) 560    118,978
Viatris, Inc. (Pharmaceuticals)
  5,730     62,342
Vir Biotechnology, Inc. (Biotechnology)
  (a) 5,610    144,289
Waters Corp. (Life Sciences Tools & Svs.)
  (a) 253     78,529
West Pharmaceutical Services, Inc. (Health Care Equip. & Supplies)
  300    123,213
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)
  850    108,715
      11,489,935
Industrials–17.7%
 		     
A.O. Smith Corp. (Building Products)
  1,130     72,196
ADT, Inc. (Commercial Svs. & Supplies)
  33,340    253,051
AECOM (Construction & Engineering)
  5,870    450,875
AGCO Corp. (Machinery)
  520     75,936
Allegion PLC (Building Products)
  570     62,575
AMERCO (Road & Rail)
  100     59,694
AMETEK, Inc. (Electrical Equip.)
  3,568    475,186
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)
  2,230    228,932
Arcosa, Inc. (Construction & Engineering)
  3,699    211,768
Armstrong World Industries, Inc. (Building Products)
  4,220    379,842
Axon Enterprise, Inc. (Aerospace & Defense)
  (a) 3,245    446,934
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)
  790     85,091
Carrier Global Corp. (Building Products)
  3,550    162,839
Cintas Corp. (Commercial Svs. & Supplies)
  360    153,140
Copart, Inc. (Commercial Svs. & Supplies)
  (a) 844    105,897
CoStar Group, Inc. (Professional Svs.)
  (a) 1,620    107,908
Cummins, Inc. (Machinery)
  610    125,117
Delta Air Lines, Inc. (Airlines)
  (a) 2,620    103,673
Dover Corp. (Machinery)
  590     92,571
Dycom Industries, Inc. (Construction & Engineering)
  (a) 3,740    356,272
Equifax, Inc. (Professional Svs.)
  490    116,179
Expeditors International of Washington, Inc. (Air Freight & Logistics)
  690     71,180
Fastenal Co. (Trading Companies & Distributors)
  2,350    139,590
Fortive Corp. (Machinery)
  1,210     73,725
Fortune Brands Home & Security, Inc. (Building Products)
  730     54,224
GATX Corp. (Trading Companies & Distributors)
  1,670    205,961
Generac Holdings, Inc. (Electrical Equip.)
  (a) 250     74,315
Graco, Inc. (Machinery)
  990     69,023
HEICO Corp. Class A (Aerospace & Defense)
  600     76,098
Herc Holdings, Inc. (Trading Companies & Distributors)
  2,230    372,611
Howmet Aerospace, Inc. (Aerospace & Defense)
  12,150    436,671
Hubbell, Inc. (Electrical Equip.)
  400     73,508
IDEX Corp. (Machinery)
  350     67,106
Ingersoll Rand, Inc. (Machinery)
  8,761    441,116
ITT, Inc. (Machinery)
  4,220    317,386
J.B. Hunt Transport Services, Inc. (Road & Rail)
  450     90,356
Jacobs Engineering Group, Inc. (Construction & Engineering)
  573     78,965
Kirby Corp. (Marine)
  (a) 4,740    342,181
Knight-Swift Transportation Holdings, Inc. (Road & Rail)
  5,310    267,943
Korn Ferry (Professional Svs.)
  3,347    217,354
Leidos Holdings, Inc. (Professional Svs.)
  750     81,015
Lennox International, Inc. (Building Products)
  230     59,308
Lyft, Inc. Class A (Road & Rail)
  (a) 1,370     52,608
Masco Corp. (Building Products)
  1,190     60,690
Masonite International Corp. (Building Products)
  (a) 2,210    196,557
Middleby Corp. / The (Machinery)
  (a) 2,146    351,815
MillerKnoll, Inc. (Commercial Svs. & Supplies)
  7,800    269,568
Nordson Corp. (Machinery)
  360     81,749
Old Dominion Freight Line, Inc. (Road & Rail)
  400    119,472
 
24
(continued)
Ohio National Fund, Inc. ON AB Mid Cap Core Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Industrials (continued)      
Oshkosh Corp. (Machinery)
  2,570 $   258,670
Otis Worldwide Corp. (Machinery)
  1,680    129,276
Owens Corning (Building Products)
  790     72,285
PACCAR, Inc. (Machinery)
  1,390    122,417
Parker-Hannifin Corp. (Machinery)
  520    147,555
Pentair PLC (Machinery)
  1,180     63,968
Plug Power, Inc. (Electrical Equip.)
  (a) 19,140    547,595
Quanta Services, Inc. (Construction & Engineering)
  790    103,972
Regal Rexnord Corp. (Electrical Equip.)
  2,646    393,672
Republic Services, Inc. (Commercial Svs. & Supplies)
  860    113,950
Robert Half International, Inc. (Professional Svs.)
  2,696    307,829
Rockwell Automation, Inc. (Electrical Equip.)
  470    131,614
Rollins, Inc. (Commercial Svs. & Supplies)
  2,040     71,502
Sensata Technologies Holding PLC (Electrical Equip.)
  (a) 6,711    341,254
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)
  (a) 2,470    399,374
SkyWest, Inc. (Airlines)
  (a) 6,850    197,623
Southwest Airlines Co. (Airlines)
  (a) 2,410    110,378
Spirit AeroSystems Holdings, Inc. Class A (Aerospace & Defense)
  6,810    332,941
Stanley Black & Decker, Inc. (Machinery)
  630     88,068
Teledyne Technologies, Inc. (Aerospace & Defense)
  (a) 175     82,710
Tetra Tech, Inc. (Commercial Svs. & Supplies)
  2,870    473,378
TFI International, Inc. (Road & Rail)
  3,699    393,980
Timken Co. / The (Machinery)
  3,630    220,341
Toro Co. / The (Machinery)
  670     57,278
Trane Technologies PLC (Building Products)
  980    149,646
TransDigm Group, Inc. (Aerospace & Defense)
  (a) 220    143,339
TransUnion (Professional Svs.)
  780     80,605
Trex Co., Inc. (Building Products)
  (a) 5,926    387,146
TuSimple Holdings, Inc. Class A (Road & Rail)
  (a) 481      5,868
United Airlines Holdings, Inc. (Airlines)
  (a) 1,400     64,904
United Rentals, Inc. (Trading Companies & Distributors)
  (a) 298    105,853
Verisk Analytics, Inc. (Professional Svs.)
  649    139,295
Vertiv Holdings Co. (Electrical Equip.)
  19,480    272,720
W.W. Grainger, Inc. (Trading Companies & Distributors)
  180     92,842
Watsco, Inc. (Trading Companies & Distributors)
  260     79,206
Westinghouse Air Brake Technologies Corp. (Machinery)
  930     89,438
WillScot Mobile Mini Holdings Corp. (Construction & Engineering)
  (a) 8,060    315,388
XPO Logistics, Inc. (Road & Rail)
  (a) 4,480    326,144
Xylem, Inc. (Machinery)
  730     62,240
      16,344,035
Information Technology–19.6%
 		     
ACI Worldwide, Inc. (Software)
  (a) 8,960    282,150
Akamai Technologies, Inc. (IT Svs.)
  (a) 610     72,828
Amdocs Ltd. (IT Svs.)
  1,000     82,210
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)
  2,390    180,086
ANSYS, Inc. (Software)
  (a) 350    111,177
Arista Networks, Inc. (Communications Equip.)
  (a) 870    120,913
Avalara, Inc. (Software)
  (a) 4,046    402,617
Avnet, Inc. (Electronic Equip., Instr. & Comp.)
  7,395    300,163
Belden, Inc. (Electronic Equip., Instr. & Comp.)
  3,790    209,966
Bill.com Holdings, Inc. (Software)
  (a) 490    111,127
Black Knight, Inc. (Software)
  (a) 1,050     60,890
Booz Allen Hamilton Holding Corp. (IT Svs.)
  920     80,813
Broadridge Financial Solutions, Inc. (IT Svs.)
  477     74,274
Cadence Design Systems, Inc. (Software)
  (a) 1,130    185,840
CDW Corp. (Electronic Equip., Instr. & Comp.)
  590    105,545
Ciena Corp. (Communications Equip.)
  (a) 6,130    371,662
Citrix Systems, Inc. (Software)
  620     62,558
Cloudflare, Inc. Class A (IT Svs.)
  (a) 900    107,730
Cognex Corp. (Electronic Equip., Instr. & Comp.)
  6,099    470,538
CommVault Systems, Inc. (Software)
  (a) 4,230    280,660
Corning, Inc. (Electronic Equip., Instr. & Comp.)
  3,080    113,683
Coupa Software, Inc. (Software)
  (a) 300     30,489
Common Stocks (Continued) Shares Value
Information Technology (continued)
 		     
Crowdstrike Holdings, Inc. Class A (Software)
  (a) 727 $   165,087
Datadog, Inc. Class A (Software)
  (a) 924    139,958
DigitalOcean Holdings, Inc. (IT Svs.)
  (a) 4,474    258,821
DocuSign, Inc. (Software)
  (a) 740     79,269
Dropbox, Inc. Class A (Software)
  (a) 2,970     69,052
Dynatrace, Inc. (Software)
  (a) 11,111    523,328
Elastic N.V. (Software)
  (a) 630     56,039
Enphase Energy, Inc. (Semiconductors & Equip.)
  (a) 550    110,979
Entegris, Inc. (Semiconductors & Equip.)
  4,630    607,734
EPAM Systems, Inc. (IT Svs.)
  (a) 220     65,254
Euronet Worldwide, Inc. (IT Svs.)
  (a) 536     69,760
Fair Isaac Corp. (Software)
  (a) 148     69,036
Five9, Inc. (Software)
  (a) 410     45,264
FleetCor Technologies, Inc. (IT Svs.)
  (a) 340     84,680
Flywire Corp. (IT Svs.)
  (a) 10,154    310,509
Fortinet, Inc. (Software)
  (a) 540    184,540
Freshworks, Inc. Class A (Software)
  (a) 16,580    297,114
Gartner, Inc. (IT Svs.)
  (a) 390    116,009
Genpact Ltd. (IT Svs.)
  3,510    152,720
GLOBALFOUNDRIES, Inc. (Semiconductors & Equip.)
  (a) 860     53,681
HashiCorp, Inc. Class A (Software)
  (a) 3,774    203,796
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)
  5,300     88,563
HP, Inc. (Tech. Hardware, Storage & Periph.)
  5,300    192,390
HubSpot, Inc. (Software)
  (a) 170     80,740
Jack Henry & Associates, Inc. (IT Svs.)
  470     92,613
Juniper Networks, Inc. (Communications Equip.)
  2,480     92,157
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 760    120,057
Kulicke & Soffa Industries, Inc. (Semiconductors & Equip.)
  2,880    161,338
Lattice Semiconductor Corp. (Semiconductors & Equip.)
  (a) 7,477    455,723
Littelfuse, Inc. (Electronic Equip., Instr. & Comp.)
  1,390    346,680
Lumentum Holdings, Inc. (Communications Equip.)
  (a) 3,320    324,032
MACOM Technology Solutions Holdings, Inc. (Semiconductors & Equip.)
  (a) 6,480    387,958
Manhattan Associates, Inc. (Software)
  (a) 3,593    498,385
Marvell Technology, Inc. (Semiconductors & Equip.)
  3,180    228,038
Microchip Technology, Inc. (Semiconductors & Equip.)
  2,046    153,736
MKS Instruments, Inc. (Semiconductors & Equip.)
  429     64,350
Monday.com Ltd. (Software)
  (a) 1,451    229,360
MongoDB, Inc. (IT Svs.)
  (a) 1,579    700,429
Monolithic Power Systems, Inc. (Semiconductors & Equip.)
  1,180    573,102
Motorola Solutions, Inc. (Communications Equip.)
  700    169,540
National Instruments Corp. (Electronic Equip., Instr. & Comp.)
  1,839     74,645
NetApp, Inc. (Tech. Hardware, Storage & Periph.)
  1,020     84,660
NortonLifeLock, Inc. (Software)
  3,530     93,616
Novanta, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 2,940    418,333
Okta, Inc. (IT Svs.)
  (a) 480     72,461
ON Semiconductor Corp. (Semiconductors & Equip.)
  (a) 13,393    838,536
Palantir Technologies, Inc. Class A (Software)
  (a) 6,290     86,362
Palo Alto Networks, Inc. (Software)
  (a) 390    242,779
Paychex, Inc. (IT Svs.)
  1,320    180,140
Procore Technologies, Inc. (Software)
  (a) 216     12,519
PTC, Inc. (Software)
  (a) 580     62,478
Qorvo, Inc. (Semiconductors & Equip.)
  (a) 470     58,327
Samsara, Inc. Class A (Software)
  (a) 14,081    225,578
Shift4 Payments, Inc. Class A (IT Svs.)
  (a) 5,990    370,961
Skyworks Solutions, Inc. (Semiconductors & Equip.)
  680     90,630
Smartsheet, Inc. Class A (Software)
  (a) 6,320    346,210
Splunk, Inc. (Software)
  (a) 660     98,083
 
25
(continued)
Ohio National Fund, Inc. ON AB Mid Cap Core Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Information Technology (continued)
 		     
SS&C Technologies Holdings, Inc. (Software)
  1,030 $    77,271
StoneCo Ltd. Class A (IT Svs.)
  (a) 1,180     13,806
Synaptics, Inc. (Semiconductors & Equip.)
  (a) 2,162    431,319
Synopsys, Inc. (Software)
  (a) 620    206,627
Teradyne, Inc. (Semiconductors & Equip.)
  680     80,396
Trade Desk, Inc. / The Class A (Software)
  (a) 1,700    117,725
Trimble, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 1,020     73,583
Tyler Technologies, Inc. (Software)
  (a) 180     80,080
Ubiquiti, Inc. (Communications Equip.)
  200     58,232
Unity Software, Inc. (Software)
  (a) 750     74,407
Varonis Systems, Inc. (Software)
  (a) 8,537    405,849
VeriSign, Inc. (IT Svs.)
  (a) 410     91,209
Western Digital Corp. (Tech. Hardware, Storage & Periph.)
  (a) 1,250     62,062
Wix.com Ltd. (IT Svs.)
  (a) 250     26,115
Wolfspeed, Inc. (Semiconductors & Equip.)
  (a) 3,292    374,827
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.)
  (a) 220     91,014
Zscaler, Inc. (Software)
  (a) 410     98,925
      18,159,505
Materials–4.1%
 		     
Albemarle Corp. (Chemicals)
  470    103,940
Alcoa Corp. (Metals & Mining)
  894     80,487
Amcor PLC (Containers & Packaging)
  6,490     73,532
Avery Dennison Corp. (Containers & Packaging)
  360     62,629
Ball Corp. (Containers & Packaging)
  1,300    117,000
Berry Global Group, Inc. (Containers & Packaging)
  (a) 5,130    297,335
Carpenter Technology Corp. (Metals & Mining)
  5,901    247,724
Celanese Corp. (Chemicals)
  490     70,006
Corteva, Inc. (Chemicals)
  3,080    177,038
Eastman Chemical Co. (Chemicals)
  660     73,960
FMC Corp. (Chemicals)
  1,790    235,510
Huntsman Corp. (Chemicals)
  5,860    219,809
Innospec, Inc. (Chemicals)
  1,760    162,888
International Flavors & Fragrances, Inc. (Chemicals)
  1,020    133,957
International Paper Co. (Containers & Packaging)
  1,610     74,302
LyondellBasell Industries N.V. Class A (Chemicals)
  1,050    107,961
Martin Marietta Materials, Inc. (Construction Materials)
  250     96,222
Mosaic Co. / The (Chemicals)
  1,320     87,780
Nucor Corp. (Metals & Mining)
  1,230    182,839
Orion Engineered Carbons SA (Chemicals)
  1,665     26,590
Packaging Corp. of America (Containers & Packaging)
  520     81,177
PPG Industries, Inc. (Chemicals)
  970    127,138
Reliance Steel & Aluminum Co. (Metals & Mining)
  1,380    253,023
RPM International, Inc. (Chemicals)
  800     65,152
Sealed Air Corp. (Containers & Packaging)
  5,220    349,531
Steel Dynamics, Inc. (Metals & Mining)
  1,260    105,122
Trinseo PLC (Chemicals)
  153      7,332
Vulcan Materials Co. (Construction Materials)
  540     99,198
Westrock Co. (Containers & Packaging)
  1,370     64,431
       3,783,613
Real Estate–6.1%
 		     
Alexandria Real Estate Equities, Inc. (Equity REIT)
  550    110,688
American Campus Communities, Inc. (Equity REIT)
  4,910    274,813
American Homes 4 Rent Class A (Equity REIT)
  2,060     82,462
Americold Realty Trust (Equity REIT)
  1,890     52,693
AvalonBay Communities, Inc. (Equity REIT)
  570    141,571
Boston Properties, Inc. (Equity REIT)
  700     90,160
Broadstone Net Lease, Inc. (Equity REIT)
  10,920    237,838
Camden Property Trust (Equity REIT)
  2,430    403,866
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)
  (a) 1,370    125,382
Cousins Properties, Inc. (Equity REIT)
  6,970    280,821
Common Stocks (Continued) Shares Value
Real Estate (continued)
 		     
CubeSmart (Equity REIT)
  4,350 $   226,330
Duke Realty Corp. (Equity REIT)
  1,640     95,218
Equity LifeStyle Properties, Inc. (Equity REIT)
  1,100     84,128
Equity Residential (Equity REIT)
  1,510    135,779
Essex Property Trust, Inc. (Equity REIT)
  270     93,280
Extra Space Storage, Inc. (Equity REIT)
  530    108,968
Gaming and Leisure Properties, Inc. (Equity REIT)
  1,640     76,965
Healthpeak Properties, Inc. (Equity REIT)
  2,220     76,213
Invitation Homes, Inc. (Equity REIT)
  2,300     92,414
Iron Mountain, Inc. (Equity REIT)
  1,900    105,279
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)
  (a) 410     98,179
Kimco Realty Corp. (Equity REIT)
  3,630     89,661
Lamar Advertising Co. Class A (Equity REIT)
  767     89,110
Medical Properties Trust, Inc. (Equity REIT)
  3,460     73,144
Mid-America Apartment Communities, Inc. (Equity REIT)
  480    100,536
Orion Office REIT, Inc. (Equity REIT)
  265      3,710
Physicians Realty Trust (Equity REIT)
  18,490    324,315
Realty Income Corp. (Equity REIT)
  2,650    183,645
Regency Centers Corp. (Equity REIT)
  1,200     85,608
Safehold, Inc. (Equity REIT)
  5,666    314,180
SBA Communications Corp. (Equity REIT)
  420    144,522
Simon Property Group, Inc. (Equity REIT)
  1,340    176,290
STAG Industrial, Inc. (Equity REIT)
  6,250    258,437
STORE Capital Corp. (Equity REIT)
  2,130     62,260
Sun Communities, Inc. (Equity REIT)
  460     80,633
UDR, Inc. (Equity REIT)
  1,640     94,087
Ventas, Inc. (Equity REIT)
  1,530     94,493
VICI Properties, Inc. (Equity REIT)
  2,400     68,304
W.P. Carey, Inc. (Equity REIT)
  1,020     82,457
Welltower, Inc. (Equity REIT)
  1,710    164,399
Weyerhaeuser Co. (Equity REIT)
  3,060    115,974
       5,598,812
Utilities–2.9%
 		     
Alliant Energy Corp. (Electric Utilities)
  1,358     84,848
Ameren Corp. (Multi-Utilities)
  1,010     94,698
American Water Works Co., Inc. (Water Utilities)
  750    124,147
Avangrid, Inc. (Electric Utilities)
  1,500     70,110
CenterPoint Energy, Inc. (Multi-Utilities)
  3,110     95,290
CMS Energy Corp. (Multi-Utilities)
  1,180     82,529
Consolidated Edison, Inc. (Multi-Utilities)
  1,410    133,499
DTE Energy Co. (Multi-Utilities)
  790    104,446
Edison International (Electric Utilities)
  1,470    103,047
Entergy Corp. (Electric Utilities)
  830     96,902
Essential Utilities, Inc. (Water Utilities)
  1,620     82,831
Evergy, Inc. (Electric Utilities)
  1,190     81,325
Eversource Energy (Electric Utilities)
  1,400    123,466
FirstEnergy Corp. (Electric Utilities)
  2,210    101,351
IDACORP, Inc. (Electric Utilities)
  3,560    410,682
NiSource, Inc. (Multi-Utilities)
  2,930     93,174
PG&E Corp. (Electric Utilities)
  (a) 7,056     84,249
PPL Corp. (Electric Utilities)
  3,140     89,678
Public Service Enterprise Group, Inc. (Multi-Utilities)
  2,070    144,900
Southwest Gas Holdings, Inc. (Gas Utilities)
  2,850    223,126
WEC Energy Group, Inc. (Multi-Utilities)
  1,290    128,755
Xcel Energy, Inc. (Electric Utilities)
  2,150    155,165
       2,708,218
Total Common Stocks (Cost $93,727,073)
    $91,789,714
    
Money Market Funds–0.6% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (b) 611,424 $   611,363
Total Money Market Funds (Cost $611,297)
       $611,363
Total Investments – 99.7% (Cost $94,338,370)
  (c)   $92,401,077
Other Assets in Excess of Liabilities – 0.3%
    247,335
Net Assets – 100.0%     $92,648,412
    
 
26
(continued)
Ohio National Fund, Inc. ON AB Mid Cap Core Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Percentages are stated as a percent of net assets.
    
Abbreviations:  
ADR: American Depositary Receipts
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2022.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
27
Ohio National Fund, Inc. ON S&P 500® Index Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–100.6% Shares Value
Communication Services–9.7%
 		     
Activision Blizzard, Inc. (Entertainment)
  24,736 $    1,981,601
Alphabet, Inc. Class A (Interactive Media & Svs.)
  (a) 9,555    26,575,799
Alphabet, Inc. Class C (Interactive Media & Svs.)
  (a) 8,814    24,617,414
AT&T, Inc. (Diversified Telecom. Svs.)
  226,695     5,356,803
Booking Holdings, Inc. (Internet & Direct Marketing Retail)
  (a) 1,304     3,062,379
Charter Communications, Inc. Class A (Media)
  (a) 3,783     2,063,702
Comcast Corp. Class A (Media)
  143,607     6,723,680
Discovery, Inc. Class A (Media)
  (a) 5,569       138,779
Discovery, Inc. Class C (Media)
  (a) 9,554       238,563
DISH Network Corp. Class A (Media)
  (a) 7,905       250,193
Electronic Arts, Inc. (Entertainment)
  8,953     1,132,644
Fox Corp. Class A (Media)
  9,617       379,391
Fox Corp. Class B (Media)
  5,043       182,960
Interpublic Group of Cos., Inc. / The (Media)
  12,595       446,493
Live Nation Entertainment, Inc. (Entertainment)
  (a) 4,284       503,970
Lumen Technologies, Inc. (Diversified Telecom. Svs.)
  29,318       330,414
Match Group, Inc. (Interactive Media & Svs.)
  (a) 8,988       977,355
Meta Platforms, Inc. Class A (Interactive Media & Svs.)
  (a) 73,318    16,302,991
Netflix, Inc. (Entertainment)
  (a) 14,095     5,279,846
News Corp. Class A (Media)
  12,447       275,701
News Corp. Class B (Media)
  4,039        90,958
Omnicom Group, Inc. (Media)
  6,621       561,991
Paramount Global Class B (Media)
  19,386       732,985
Take-Two Interactive Software, Inc. (Entertainment)
  (a) 3,664       563,303
T-Mobile U.S., Inc. (Wireless Telecom. Svs.)
  (a) 18,649     2,393,599
Twitter, Inc. (Interactive Media & Svs.)
  (a) 25,383       982,068
Verizon Communications, Inc. (Diversified Telecom. Svs.)
  133,293     6,789,945
Walt Disney Co. / The (Entertainment)
  (a) 57,801     7,927,985
        116,863,512
Consumer Discretionary–11.8%
 		     
Advance Auto Parts, Inc. (Specialty Retail)
  1,969       407,504
Amazon.com, Inc. (Internet & Direct Marketing Retail)
  (a) 13,895    45,297,005
Aptiv PLC (Auto Components)
  (a) 8,585     1,027,710
AutoZone, Inc. (Specialty Retail)
  (a) 656     1,341,245
Bath & Body Works, Inc. (Specialty Retail)
  8,104       387,371
Best Buy Co., Inc. (Specialty Retail)
  6,862       623,756
BorgWarner, Inc. (Auto Components)
  7,749       301,436
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 6,764       523,263
CarMax, Inc. (Specialty Retail)
  (a) 5,176       499,381
Carnival Corp. (Hotels, Restaurants & Leisure)
  (a) 25,354       512,658
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)
  (a) 896     1,417,499
D.R. Horton, Inc. (Household Durables)
  10,317       768,720
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)
  4,048       538,182
Dollar General Corp. (Multiline Retail)
  7,338     1,633,659
Dollar Tree, Inc. (Multiline Retail)
  (a) 7,149     1,144,912
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)
  1,158       471,318
eBay, Inc. (Internet & Direct Marketing Retail)
  19,921     1,140,677
Etsy, Inc. (Internet & Direct Marketing Retail)
  (a) 4,061       504,701
Expedia Group, Inc. (Hotels, Restaurants & Leisure)
  (a) 4,769       933,150
Ford Motor Co. (Automobiles)
  124,884     2,111,789
Garmin Ltd. (Household Durables)
  4,872       577,868
General Motors Co. (Automobiles)
  (a) 46,134     2,017,901
Genuine Parts Co. (Distributors)
  4,527       570,493
Hasbro, Inc. (Leisure Products)
  4,072       333,578
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)
  (a) 8,851     1,343,051
Home Depot, Inc. / The (Specialty Retail)
  33,163     9,926,681
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)
  (a) 10,854       421,895
Lennar Corp. Class A (Household Durables)
  8,272       671,438
Common Stocks (Continued) Shares Value
Consumer Discretionary (continued)
 		     
LKQ Corp. (Distributors)
  8,539 $      387,756
Lowe's Cos., Inc. (Specialty Retail)
  21,402     4,327,270
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)
  (a) 8,688     1,526,916
McDonald's Corp. (Hotels, Restaurants & Leisure)
  23,728     5,867,460
MGM Resorts International (Hotels, Restaurants & Leisure)
  11,860       497,408
Mohawk Industries, Inc. (Household Durables)
  (a) 1,717       213,251
Newell Brands, Inc. (Household Durables)
  11,703       250,561
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)
  40,525     5,453,044
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure)
  (a) 13,358       292,273
NVR, Inc. (Household Durables)
  (a) 104       464,596
O'Reilly Automotive, Inc. (Specialty Retail)
  (a) 2,134     1,461,705
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure)
  (a) 5,374       227,965
Pool Corp. (Distributors)
  1,273       538,288
PulteGroup, Inc. (Household Durables)
  7,838       328,412
PVH Corp. (Textiles, Apparel & Luxury Goods)
  2,199       168,465
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)
  1,489       168,912
Ross Stores, Inc. (Specialty Retail)
  11,194     1,012,609
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)
  (a) 7,141       598,273
Starbucks Corp. (Hotels, Restaurants & Leisure)
  36,523     3,322,497
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)
  8,507       316,035
Target Corp. (Multiline Retail)
  15,219     3,229,776
Tesla, Inc. (Automobiles)
  (a) 26,581    28,643,686
TJX Cos., Inc. / The (Specialty Retail)
  37,906     2,296,346
Tractor Supply Co. (Specialty Retail)
  3,597       839,432
Ulta Beauty, Inc. (Specialty Retail)
  (a) 1,720       684,938
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods)
  (a) 6,316       107,498
Under Armour, Inc. Class C (Textiles, Apparel & Luxury Goods)
  (a) 6,652       103,505
V.F. Corp. (Textiles, Apparel & Luxury Goods)
  10,183       579,005
Whirlpool Corp. (Household Durables)
  1,891       326,727
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)
  (a) 3,378       269,362
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)
  9,179     1,087,987
        143,040,799
Consumer Staples–6.1%
 		     
Altria Group, Inc. (Tobacco)
  57,886     3,024,543
Archer-Daniels-Midland Co. (Food Products)
  17,733     1,600,581
Brown-Forman Corp. Class B (Beverages)
  5,796       388,448
Campbell Soup Co. (Food Products)
  6,454       287,655
Church & Dwight Co., Inc. (Household Products)
  7,682       763,437
Clorox Co. / The (Household Products)
  3,933       546,805
Coca-Cola Co. / The (Beverages)
  123,440     7,653,280
Colgate-Palmolive Co. (Household Products)
  26,766     2,029,666
Conagra Brands, Inc. (Food Products)
  15,215       510,768
Constellation Brands, Inc. Class A (Beverages)
  5,220     1,202,270
Costco Wholesale Corp. (Food & Staples Retailing)
  14,080     8,107,968
Estee Lauder Cos., Inc. / The Class A (Personal Products)
  7,382     2,010,266
General Mills, Inc. (Food Products)
  19,153     1,297,041
Hershey Co. / The (Food Products)
  4,620     1,000,831
Hormel Foods Corp. (Food Products)
  9,068       467,365
J.M. Smucker Co. / The (Food Products)
  3,437       465,404
Kellogg Co. (Food Products)
  8,050       519,144
Kimberly-Clark Corp. (Household Products)
  10,693     1,316,950
Kraft Heinz Co. / The (Food Products)
  22,539       887,811
Kroger Co. / The (Food & Staples Retailing)
  21,247     1,218,940
Lamb Weston Holdings, Inc. (Food Products)
  4,605       275,886
McCormick & Co., Inc. (Food Products)
  7,933       791,713
Molson Coors Beverage Co. Class B (Beverages)
  5,960       318,145
 
28
(continued)
Ohio National Fund, Inc. ON S&P 500® Index Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Consumer Staples (continued)
 		     
Mondelez International, Inc. Class A (Food Products)
  44,081 $    2,767,405
Monster Beverage Corp. (Beverages)
  (a) 11,930       953,207
PepsiCo, Inc. (Beverages)
  43,933     7,353,506
Philip Morris International, Inc. (Tobacco)
  49,209     4,622,693
Procter & Gamble Co. / The (Household Products)
  76,107    11,629,150
Sysco Corp. (Food & Staples Retailing)
  16,113     1,315,626
Tyson Foods, Inc. Class A (Food Products)
  9,258       829,795
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)
  22,822     1,021,741
Walmart, Inc. (Food & Staples Retailing)
  44,921     6,689,635
         73,867,675
Energy–3.9%
 		     
APA Corp. (Oil, Gas & Consumable Fuels)
  11,551       477,403
Baker Hughes Co. (Energy Equip. & Svs.)
  28,781     1,047,916
Chevron Corp. (Oil, Gas & Consumable Fuels)
  61,211     9,966,987
ConocoPhillips (Oil, Gas & Consumable Fuels)
  41,352     4,135,200
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)
  25,832       696,689
Devon Energy Corp. (Oil, Gas & Consumable Fuels)
  20,053     1,185,734
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)
  5,382       737,765
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)
  18,582     2,215,532
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)
  134,433    11,102,822
Halliburton Co. (Energy Equip. & Svs.)
  28,533     1,080,545
Hess Corp. (Oil, Gas & Consumable Fuels)
  8,753       936,921
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)
  61,915     1,170,813
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)
  24,801       622,753
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)
  18,387     1,572,089
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  28,168     1,598,252
ONEOK, Inc. (Oil, Gas & Consumable Fuels)
  14,183     1,001,745
Phillips 66 (Oil, Gas & Consumable Fuels)
  14,860     1,283,755
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)
  7,210     1,802,716
Schlumberger N.V. (Energy Equip. & Svs.)
  44,526     1,839,369
Valero Energy Corp. (Oil, Gas & Consumable Fuels)
  12,984     1,318,395
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)
  38,445     1,284,447
         47,077,848
Financials–11.2%
 		     
Aflac, Inc. (Insurance)
  19,049     1,226,565
Allstate Corp. / The (Insurance)
  8,909     1,233,986
American Express Co. (Consumer Finance)
  19,532     3,652,484
American International Group, Inc. (Insurance)
  26,308     1,651,353
Ameriprise Financial, Inc. (Capital Markets)
  3,522     1,057,868
Aon PLC Class A (Insurance)
  6,821     2,221,122
Arthur J. Gallagher & Co. (Insurance)
  6,619     1,155,677
Assurant, Inc. (Insurance)
  1,811       329,294
Bank of America Corp. (Banks)
  225,718     9,304,096
Bank of New York Mellon Corp. / The (Capital Markets)
  23,495     1,166,057
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.)
  (a) 58,154    20,523,128
BlackRock, Inc. (Capital Markets)
  4,527     3,459,398
Brown & Brown, Inc. (Insurance)
  7,486       541,013
Capital One Financial Corp. (Consumer Finance)
  13,129     1,723,706
CBOE Global Markets, Inc. (Capital Markets)
  3,371       385,710
Charles Schwab Corp. / The (Capital Markets)
  47,738     4,024,791
Chubb Ltd. (Insurance)
  13,676     2,925,296
Cincinnati Financial Corp. (Insurance)
  4,788       650,977
Citigroup, Inc. (Banks)
  63,005     3,364,467
Citizens Financial Group, Inc. (Banks)
  13,524       613,043
Common Stocks (Continued) Shares Value
Financials (continued)      
CME Group, Inc. (Capital Markets)
  11,415 $    2,715,172
Comerica, Inc. (Banks)
  4,165       376,641
Discover Financial Services (Consumer Finance)
  9,149     1,008,128
Everest Re Group Ltd. (Insurance)
  1,231       370,999
FactSet Research Systems, Inc. (Capital Markets)
  1,194       518,375
Fifth Third Bancorp (Banks)
  21,706       934,226
First Republic Bank (Banks)
  5,692       922,673
Franklin Resources, Inc. (Capital Markets)
  9,021       251,866
Globe Life, Inc. (Insurance)
  2,928       294,557
Goldman Sachs Group, Inc. / The (Capital Markets)
  10,778     3,557,818
Hartford Financial Services Group, Inc. / The (Insurance)
  10,622       762,766
Huntington Bancshares, Inc. (Banks)
  45,630       667,111
Intercontinental Exchange, Inc. (Capital Markets)
  17,845     2,357,681
Invesco Ltd. (Capital Markets)
  10,650       245,589
JPMorgan Chase & Co. (Banks)
  93,839    12,792,133
KeyCorp (Banks)
  29,717       665,067
Lincoln National Corp. (Insurance)
  5,365       350,656
Loews Corp. (Insurance)
  6,159       399,226
M&T Bank Corp. (Banks)
  4,072       690,204
MarketAxess Holdings, Inc. (Capital Markets)
  1,207       410,621
Marsh & McLennan Cos., Inc. (Insurance)
  16,032     2,732,174
MetLife, Inc. (Insurance)
  22,230     1,562,324
Moody's Corp. (Capital Markets)
  5,152     1,738,336
Morgan Stanley (Capital Markets)
  45,011     3,933,961
MSCI, Inc. (Capital Markets)
  2,581     1,297,933
Nasdaq, Inc. (Capital Markets)
  3,708       660,766
Northern Trust Corp. (Capital Markets)
  6,599       768,454
People's United Financial, Inc. (Banks)
  13,607       272,004
PNC Financial Services Group, Inc. / The (Banks)
  13,339     2,460,379
Principal Financial Group, Inc. (Insurance)
  7,799       572,525
Progressive Corp. / The (Insurance)
  18,560     2,115,654
Prudential Financial, Inc. (Insurance)
  12,047     1,423,594
Raymond James Financial, Inc. (Capital Markets)
  5,897       648,139
Regions Financial Corp. (Banks)
  29,752       662,280
S&P Global, Inc. (Capital Markets)
  11,249     4,614,115
Signature Bank (Banks)
  1,983       581,991
State Street Corp. (Capital Markets)
  11,621     1,012,422
SVB Financial Group (Banks)
  (a) 1,865     1,043,374
Synchrony Financial (Consumer Finance)
  16,494       574,156
T. Rowe Price Group, Inc. (Capital Markets)
  7,278     1,100,361
Travelers Cos., Inc. / The (Insurance)
  7,659     1,399,529
Truist Financial Corp. (Banks)
  42,372     2,402,492
U.S. Bancorp (Banks)
  42,888     2,279,497
W.R. Berkley Corp. (Insurance)
  6,630       441,458
Wells Fargo & Co. (Banks)
  123,390     5,979,479
Willis Towers Watson PLC (Insurance)
  3,875       915,353
Zions Bancorp N.A. (Banks)
  4,874       319,539
        135,013,829
Health Care–13.7%
 		     
Abbott Laboratories (Health Care Equip. & Supplies)
  56,157     6,646,742
AbbVie, Inc. (Biotechnology)
  56,134     9,099,883
ABIOMED, Inc. (Health Care Equip. & Supplies)
  (a) 1,430       473,673
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)
  9,533     1,261,502
Align Technology, Inc. (Health Care Equip. & Supplies)
  (a) 2,329     1,015,444
AmerisourceBergen Corp. (Health Care Providers & Svs.)
  4,772       738,276
Amgen, Inc. (Biotechnology)
  17,885     4,324,951
Anthem, Inc. (Health Care Providers & Svs.)
  7,708     3,786,324
Baxter International, Inc. (Health Care Equip. & Supplies)
  15,916     1,234,127
Becton Dickinson and Co. (Health Care Equip. & Supplies)
  9,047     2,406,502
Biogen, Inc. (Biotechnology)
  (a) 4,669       983,291
 
29
(continued)
Ohio National Fund, Inc. ON S&P 500® Index Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
Bio-Rad Laboratories, Inc. Class A (Life Sciences Tools & Svs.)
  (a) 686 $      386,376
Bio-Techne Corp. (Life Sciences Tools & Svs.)
  1,246       539,568
Boston Scientific Corp. (Health Care Equip. & Supplies)
  (a) 45,224     2,002,971
Bristol-Myers Squibb Co. (Pharmaceuticals)
  69,207     5,054,187
Cardinal Health, Inc. (Health Care Providers & Svs.)
  8,790       498,393
Catalent, Inc. (Pharmaceuticals)
  (a) 5,665       628,248
Centene Corp. (Health Care Providers & Svs.)
  (a) 18,582     1,564,419
Cerner Corp. (Health Care Technology)
  9,348       874,599
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)
  (a) 1,612       457,760
Cigna Corp. (Health Care Providers & Svs.)
  10,255     2,457,201
Cooper Cos., Inc. / The (Health Care Equip. & Supplies)
  1,561       651,858
CVS Health Corp. (Health Care Providers & Svs.)
  41,679     4,218,332
Danaher Corp. (Life Sciences Tools & Svs.)
  20,205     5,926,733
DaVita, Inc. (Health Care Providers & Svs.)
  (a) 1,953       220,904
DENTSPLY SIRONA, Inc. (Health Care Equip. & Supplies)
  6,989       343,999
Dexcom, Inc. (Health Care Equip. & Supplies)
  (a) 3,078     1,574,705
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)
  (a) 19,834     2,334,858
Eli Lilly & Co. (Pharmaceuticals)
  25,211     7,219,674
Gilead Sciences, Inc. (Biotechnology)
  39,825     2,367,596
HCA Healthcare, Inc. (Health Care Providers & Svs.)
  7,604     1,905,714
Henry Schein, Inc. (Health Care Providers & Svs.)
  (a) 4,455       388,431
Hologic, Inc. (Health Care Equip. & Supplies)
  (a) 7,901       606,955
Humana, Inc. (Health Care Providers & Svs.)
  4,077     1,774,188
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)
  (a) 2,685     1,468,856
Illumina, Inc. (Life Sciences Tools & Svs.)
  (a) 4,951     1,729,879
Incyte Corp. (Biotechnology)
  (a) 5,965       473,740
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)
  (a) 11,361     3,427,386
IQVIA Holdings, Inc. (Life Sciences Tools & Svs.)
  (a) 6,089     1,407,838
Johnson & Johnson (Pharmaceuticals)
  83,594    14,815,365
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)
  (a) 2,956       779,379
McKesson Corp. (Health Care Providers & Svs.)
  4,759     1,456,873
Medtronic PLC (Health Care Equip. & Supplies)
  42,703     4,737,898
Merck & Co., Inc. (Pharmaceuticals)
  80,206     6,580,902
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)
  (a) 730     1,002,429
Moderna, Inc. (Biotechnology)
  (a) 11,200     1,929,312
Molina Healthcare, Inc. (Health Care Providers & Svs.)
  (a) 1,843       614,806
Organon & Co. (Pharmaceuticals)
  8,013       279,894
PerkinElmer, Inc. (Life Sciences Tools & Svs.)
  3,998       697,491
Pfizer, Inc. (Pharmaceuticals)
  178,223     9,226,605
Quest Diagnostics, Inc. (Health Care Providers & Svs.)
  3,758       514,320
Regeneron Pharmaceuticals, Inc. (Biotechnology)
  (a) 3,389     2,366,945
ResMed, Inc. (Health Care Equip. & Supplies)
  4,646     1,126,701
STERIS PLC (Health Care Equip. & Supplies)
  3,183       769,554
Stryker Corp. (Health Care Equip. & Supplies)
  10,666     2,851,555
Teleflex, Inc. (Health Care Equip. & Supplies)
  1,491       529,052
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)
  12,512     7,390,213
UnitedHealth Group, Inc. (Health Care Providers & Svs.)
  29,908    15,252,183
Universal Health Services, Inc. Class B (Health Care Providers & Svs.)
  2,337       338,748
Vertex Pharmaceuticals, Inc. (Biotechnology)
  (a) 8,084     2,109,681
Viatris, Inc. (Pharmaceuticals)
  38,712       421,187
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
Waters Corp. (Life Sciences Tools & Svs.)
  (a) 1,939 $      601,846
West Pharmaceutical Services, Inc. (Health Care Equip. & Supplies)
  2,352       965,990
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)
  6,615       846,058
Zoetis, Inc. (Pharmaceuticals)
  15,024     2,833,376
        165,514,446
Industrials–8.0%
 		     
3M Co. (Industrial Conglomerates)
  18,138     2,700,385
A.O. Smith Corp. (Building Products)
  4,085       260,991
Alaska Air Group, Inc. (Airlines)
  (a) 4,058       235,405
Allegion PLC (Building Products)
  2,849       312,763
American Airlines Group, Inc. (Airlines)
  (a) 20,371       371,771
AMETEK, Inc. (Electrical Equip.)
  7,351       979,006
Boeing Co. / The (Aerospace & Defense)
  (a) 17,400     3,332,100
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)
  4,150       446,997
Carrier Global Corp. (Building Products)
  27,197     1,247,526
Caterpillar, Inc. (Machinery)
  17,180     3,828,048
Cintas Corp. (Commercial Svs. & Supplies)
  2,803     1,192,368
Copart, Inc. (Commercial Svs. & Supplies)
  (a) 6,776       850,185
CSX Corp. (Road & Rail)
  70,430     2,637,603
Cummins, Inc. (Machinery)
  4,507       924,431
Deere & Co. (Machinery)
  8,906     3,700,087
Delta Air Lines, Inc. (Airlines)
  (a) 20,339       804,814
Dover Corp. (Machinery)
  4,559       715,307
Eaton Corp. PLC (Electrical Equip.)
  12,648     1,919,460
Emerson Electric Co. (Electrical Equip.)
  18,836     1,846,870
Equifax, Inc. (Professional Svs.)
  3,857       914,495
Expeditors International of Washington, Inc. (Air Freight & Logistics)
  5,404       557,477
Fastenal Co. (Trading Companies & Distributors)
  18,287     1,086,248
FedEx Corp. (Air Freight & Logistics)
  7,737     1,790,264
Fortive Corp. (Machinery)
  11,378       693,262
Fortune Brands Home & Security, Inc. (Building Products)
  4,311       320,221
Generac Holdings, Inc. (Electrical Equip.)
  (a) 2,017       599,573
General Dynamics Corp. (Aerospace & Defense)
  7,317     1,764,714
General Electric Co. (Industrial Conglomerates)
  34,908     3,194,082
Honeywell International, Inc. (Industrial Conglomerates)
  21,781     4,238,147
Howmet Aerospace, Inc. (Aerospace & Defense)
  12,160       437,030
Huntington Ingalls Industries, Inc. (Aerospace & Defense)
  1,258       250,896
IDEX Corp. (Machinery)
  2,401       460,344
Illinois Tool Works, Inc. (Machinery)
  9,061     1,897,373
Ingersoll Rand, Inc. (Machinery)
  12,944       651,730
J.B. Hunt Transport Services, Inc. (Road & Rail)
  2,665       535,105
Jacobs Engineering Group, Inc. (Construction & Engineering)
  4,089       563,505
Johnson Controls International PLC (Building Products)
  22,334     1,464,440
L3Harris Technologies, Inc. (Aerospace & Defense)
  6,248     1,552,441
Leidos Holdings, Inc. (Professional Svs.)
  4,453       481,013
Lockheed Martin Corp. (Aerospace & Defense)
  7,695     3,396,573
Masco Corp. (Building Products)
  7,675       391,425
Nielsen Holdings PLC (Professional Svs.)
  11,424       311,190
Nordson Corp. (Machinery)
  1,741       395,346
Norfolk Southern Corp. (Road & Rail)
  7,614     2,171,665
Northrop Grumman Corp. (Aerospace & Defense)
  4,657     2,082,704
Old Dominion Freight Line, Inc. (Road & Rail)
  2,957       883,197
Otis Worldwide Corp. (Machinery)
  13,510     1,039,595
PACCAR, Inc. (Machinery)
  11,016       970,179
Parker-Hannifin Corp. (Machinery)
  4,095     1,161,997
Pentair PLC (Machinery)
  5,232       283,627
 
30
(continued)
Ohio National Fund, Inc. ON S&P 500® Index Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Industrials (continued)      
Quanta Services, Inc. (Construction & Engineering)
  4,525 $      595,535
Raytheon Technologies Corp. (Aerospace & Defense)
  47,381     4,694,036
Republic Services, Inc. (Commercial Svs. & Supplies)
  6,628       878,210
Robert Half International, Inc. (Professional Svs.)
  3,472       396,433
Rockwell Automation, Inc. (Electrical Equip.)
  3,690     1,033,311
Rollins, Inc. (Commercial Svs. & Supplies)
  7,107       249,100
Roper Technologies, Inc. (Industrial Conglomerates)
  3,351     1,582,443
Snap-on, Inc. (Machinery)
  1,698       348,905
Southwest Airlines Co. (Airlines)
  (a) 18,739       858,246
Stanley Black & Decker, Inc. (Machinery)
  5,158       721,037
Teledyne Technologies, Inc. (Aerospace & Defense)
  (a) 1,481       699,965
Textron, Inc. (Aerospace & Defense)
  6,977       518,949
Trane Technologies PLC (Building Products)
  7,426     1,133,950
TransDigm Group, Inc. (Aerospace & Defense)
  (a) 1,675     1,091,329
Union Pacific Corp. (Road & Rail)
  20,225     5,525,672
United Airlines Holdings, Inc. (Airlines)
  (a) 10,268       476,024
United Parcel Service, Inc. Class B (Air Freight & Logistics)
  23,149     4,964,535
United Rentals, Inc. (Trading Companies & Distributors)
  (a) 2,301       817,338
Verisk Analytics, Inc. (Professional Svs.)
  5,129     1,100,837
W.W. Grainger, Inc. (Trading Companies & Distributors)
  1,369       706,117
Waste Management, Inc. (Commercial Svs. & Supplies)
  12,223     1,937,345
Westinghouse Air Brake Technologies Corp. (Machinery)
  5,909       568,269
Xylem, Inc. (Machinery)
  5,695       485,556
         96,229,117
Information Technology–28.1%
 		     
Accenture PLC Class A (IT Svs.)
  20,070     6,768,206
Adobe, Inc. (Software)
  (a) 14,976     6,823,365
Advanced Micro Devices, Inc. (Semiconductors & Equip.)
  (a) 51,910     5,675,839
Akamai Technologies, Inc. (IT Svs.)
  (a) 5,182       618,679
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)
  19,061     1,436,246
Analog Devices, Inc. (Semiconductors & Equip.)
  16,690     2,756,854
ANSYS, Inc. (Software)
  (a) 2,771       880,208
Apple, Inc. (Tech. Hardware, Storage & Periph.)
  492,296    85,959,805
Applied Materials, Inc. (Semiconductors & Equip.)
  28,203     3,717,155
Arista Networks, Inc. (Communications Equip.)
  (a) 7,113       988,565
Autodesk, Inc. (Software)
  (a) 7,003     1,501,093
Automatic Data Processing, Inc. (IT Svs.)
  13,341     3,035,611
Broadcom, Inc. (Semiconductors & Equip.)
  13,112     8,256,364
Broadridge Financial Solutions, Inc. (IT Svs.)
  3,702       576,438
Cadence Design Systems, Inc. (Software)
  (a) 8,796     1,446,590
CDW Corp. (Electronic Equip., Instr. & Comp.)
  4,289       767,259
Ceridian HCM Holding, Inc. (Software)
  (a) 4,387       299,895
Cisco Systems, Inc. (Communications Equip.)
  133,945     7,468,773
Citrix Systems, Inc. (Software)
  3,959       399,463
Cognizant Technology Solutions Corp. Class A (IT Svs.)
  16,642     1,492,288
Corning, Inc. (Electronic Equip., Instr. & Comp.)
  23,712       875,210
DXC Technology Co. (IT Svs.)
  (a) 7,844       255,950
Enphase Energy, Inc. (Semiconductors & Equip.)
  (a) 4,253       858,170
EPAM Systems, Inc. (IT Svs.)
  (a) 1,788       530,339
F5, Inc. (Communications Equip.)
  (a) 1,903       397,632
Fidelity National Information Services, Inc. (IT Svs.)
  19,319     1,940,014
Fiserv, Inc. (IT Svs.)
  (a) 18,848     1,911,187
FleetCor Technologies, Inc. (IT Svs.)
  (a) 2,579       642,326
Fortinet, Inc. (Software)
  (a) 4,301     1,469,824
Gartner, Inc. (IT Svs.)
  (a) 2,607       775,478
Global Payments, Inc. (IT Svs.)
  9,043     1,237,444
Common Stocks (Continued) Shares Value
Information Technology (continued)
 		     
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)
  40,909 $      683,589
HP, Inc. (Tech. Hardware, Storage & Periph.)
  34,432     1,249,882
Intel Corp. (Semiconductors & Equip.)
  129,315     6,408,851
International Business Machines Corp. (IT Svs.)
  28,480     3,702,970
Intuit, Inc. (Software)
  8,989     4,322,271
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.)
  (a) 1,100       120,736
Jack Henry & Associates, Inc. (IT Svs.)
  2,331       459,324
Juniper Networks, Inc. (Communications Equip.)
  10,476       389,288
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 5,797       915,752
KLA Corp. (Semiconductors & Equip.)
  4,780     1,749,767
Lam Research Corp. (Semiconductors & Equip.)
  4,431     2,382,150
Mastercard, Inc. Class A (IT Svs.)
  27,406     9,794,356
Microchip Technology, Inc. (Semiconductors & Equip.)
  17,706     1,330,429
Micron Technology, Inc. (Semiconductors & Equip.)
  35,563     2,770,002
Microsoft Corp. (Software)
  238,044    73,391,346
Monolithic Power Systems, Inc. (Semiconductors & Equip.)
  1,377       668,781
Motorola Solutions, Inc. (Communications Equip.)
  5,368     1,300,130
NetApp, Inc. (Tech. Hardware, Storage & Periph.)
  7,034       583,822
NortonLifeLock, Inc. (Software)
  18,366       487,066
NVIDIA Corp. (Semiconductors & Equip.)
  79,383    21,660,445
NXP Semiconductors N.V. (Semiconductors & Equip.)
  8,429     1,560,039
Oracle Corp. (Software)
  50,027     4,138,734
Paychex, Inc. (IT Svs.)
  10,214     1,393,905
Paycom Software, Inc. (Software)
  (a) 1,522       527,190
PayPal Holdings, Inc. (IT Svs.)
  (a) 36,991     4,278,009
PTC, Inc. (Software)
  (a) 3,361       362,047
Qorvo, Inc. (Semiconductors & Equip.)
  (a) 3,425       425,043
QUALCOMM, Inc. (Semiconductors & Equip.)
  35,789     5,469,275
salesforce.com, Inc. (Software)
  (a) 31,271     6,639,459
Seagate Technology Holdings PLC (Tech. Hardware, Storage & Periph.)
  6,354       571,225
ServiceNow, Inc. (Software)
  (a) 6,349     3,535,695
Skyworks Solutions, Inc. (Semiconductors & Equip.)
  5,191       691,857
SolarEdge Technologies, Inc. (Semiconductors & Equip.)
  (a) 1,668       537,713
Synopsys, Inc. (Software)
  (a) 4,869     1,622,692
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)
  10,384     1,360,096
Teradyne, Inc. (Semiconductors & Equip.)
  5,159       609,949
Texas Instruments, Inc. (Semiconductors & Equip.)
  29,336     5,382,569
Trimble, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 7,959       574,162
Tyler Technologies, Inc. (Software)
  (a) 1,312       583,696
VeriSign, Inc. (IT Svs.)
  (a) 3,051       678,726
Visa, Inc. (IT Svs.)
  52,662    11,678,852
Western Digital Corp. (Tech. Hardware, Storage & Periph.)
  (a) 9,886       490,840
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.)
  (a) 1,679       694,602
        339,939,602
Materials–2.6%
 		     
Air Products & Chemicals, Inc. (Chemicals)
  7,037     1,758,617
Albemarle Corp. (Chemicals)
  3,712       820,909
Amcor PLC (Containers & Packaging)
  48,453       548,972
Avery Dennison Corp. (Containers & Packaging)
  2,658       462,412
Ball Corp. (Containers & Packaging)
  10,275       924,750
Celanese Corp. (Chemicals)
  3,423       489,044
CF Industries Holdings, Inc. (Chemicals)
  6,808       701,632
Corteva, Inc. (Chemicals)
  23,078     1,326,523
Dow, Inc. (Chemicals)
  23,341     1,487,289
DuPont de Nemours, Inc. (Chemicals)
  16,279     1,197,809
 
31
(continued)
Ohio National Fund, Inc. ON S&P 500® Index Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Materials (continued)      
Eastman Chemical Co. (Chemicals)
  4,132 $      463,032
Ecolab, Inc. (Chemicals)
  7,936     1,401,180
FMC Corp. (Chemicals)
  4,061       534,306
Freeport-McMoRan, Inc. (Metals & Mining)
  46,614     2,318,580
International Flavors & Fragrances, Inc. (Chemicals)
  8,085     1,061,803
International Paper Co. (Containers & Packaging)
  12,220       563,953
Linde PLC (Chemicals)
  16,271     5,197,446
LyondellBasell Industries N.V. Class A (Chemicals)
  8,341       857,622
Martin Marietta Materials, Inc. (Construction Materials)
  1,973       759,388
Mosaic Co. / The (Chemicals)
  11,747       781,176
Newmont Corp. (Metals & Mining)
  25,323     2,011,912
Nucor Corp. (Metals & Mining)
  8,637     1,283,890
Packaging Corp. of America (Containers & Packaging)
  3,051       476,292
PPG Industries, Inc. (Chemicals)
  7,533       987,350
Sealed Air Corp. (Containers & Packaging)
  4,673       312,904
Sherwin-Williams Co. / The (Chemicals)
  7,654     1,910,591
Vulcan Materials Co. (Construction Materials)
  4,219       775,030
Westrock Co. (Containers & Packaging)
  8,386       394,394
         31,808,806
Real Estate–2.7%
 		     
Alexandria Real Estate Equities, Inc. (Equity REIT)
  4,609       927,561
American Tower Corp. (Equity REIT)
  14,463     3,633,395
AvalonBay Communities, Inc. (Equity REIT)
  4,444     1,103,756
Boston Properties, Inc. (Equity REIT)
  4,485       577,668
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)
  (a) 10,629       972,766
Crown Castle International Corp. (Equity REIT)
  13,725     2,533,635
Digital Realty Trust, Inc. (Equity REIT)
  9,010     1,277,618
Duke Realty Corp. (Equity REIT)
  12,178       707,055
Equinix, Inc. (Equity REIT)
  2,860     2,121,033
Equity Residential (Equity REIT)
  10,851       975,722
Essex Property Trust, Inc. (Equity REIT)
  2,067       714,107
Extra Space Storage, Inc. (Equity REIT)
  4,248       873,389
Federal Realty Investment Trust (Equity REIT)
  2,258       275,634
Healthpeak Properties, Inc. (Equity REIT)
  17,079       586,322
Host Hotels & Resorts, Inc. (Equity REIT)
  22,631       439,720
Iron Mountain, Inc. (Equity REIT)
  9,196       509,550
Kimco Realty Corp. (Equity REIT)
  19,507       481,823
Mid-America Apartment Communities, Inc. (Equity REIT)
  3,653       765,121
Prologis, Inc. (Equity REIT)
  23,500     3,794,780
Public Storage (Equity REIT)
  4,847     1,891,687
Realty Income Corp. (Equity REIT)
  18,032     1,249,618
Regency Centers Corp. (Equity REIT)
  4,875       347,782
SBA Communications Corp. (Equity REIT)
  3,456     1,189,210
Simon Property Group, Inc. (Equity REIT)
  10,474     1,377,959
UDR, Inc. (Equity REIT)
  9,429       540,942
Ventas, Inc. (Equity REIT)
  12,685       783,426
Vornado Realty Trust (Equity REIT)
  5,036       228,232
Welltower, Inc. (Equity REIT)
  13,826     1,329,232
Weyerhaeuser Co. (Equity REIT)
  23,730       899,367
         33,108,110
Common Stocks (Continued) Shares Value
Utilities–2.8%
 		     
AES Corp. / The (Ind. Power & Renewable Elec.)
  21,148 $      544,138
Alliant Energy Corp. (Electric Utilities)
  7,979       498,528
Ameren Corp. (Multi-Utilities)
  8,129       762,175
American Electric Power Co., Inc. (Electric Utilities)
  15,951     1,591,431
American Water Works Co., Inc. (Water Utilities)
  5,770       955,108
Atmos Energy Corp. (Gas Utilities)
  4,283       511,776
CenterPoint Energy, Inc. (Multi-Utilities)
  19,845       608,051
CMS Energy Corp. (Multi-Utilities)
  9,144       639,531
Consolidated Edison, Inc. (Multi-Utilities)
  11,258     1,065,907
Constellation Energy Corp. (Electric Utilities)
  10,340       581,625
Dominion Energy, Inc. (Multi-Utilities)
  25,739     2,187,043
DTE Energy Co. (Multi-Utilities)
  6,130       810,447
Duke Energy Corp. (Electric Utilities)
  24,432     2,728,077
Edison International (Electric Utilities)
  12,028       843,163
Entergy Corp. (Electric Utilities)
  6,417       749,185
Evergy, Inc. (Electric Utilities)
  7,333       501,137
Eversource Energy (Electric Utilities)
  10,899       961,183
Exelon Corp. (Electric Utilities)
  31,100     1,481,293
FirstEnergy Corp. (Electric Utilities)
  18,097       829,928
NextEra Energy, Inc. (Electric Utilities)
  62,306     5,277,941
NiSource, Inc. (Multi-Utilities)
  12,500       397,500
NRG Energy, Inc. (Ind. Power & Renewable Elec.)
  7,796       299,055
Pinnacle West Capital Corp. (Electric Utilities)
  3,641       284,362
PPL Corp. (Electric Utilities)
  23,751       678,329
Public Service Enterprise Group, Inc. (Multi-Utilities)
  16,079     1,125,530
Sempra Energy (Multi-Utilities)
  10,141     1,704,905
Southern Co. / The (Electric Utilities)
  33,656     2,440,397
WEC Energy Group, Inc. (Multi-Utilities)
  10,044     1,002,492
Xcel Energy, Inc. (Electric Utilities)
  17,113     1,235,045
         33,295,282
Total Common Stocks (Cost $721,362,040)
    $1,215,759,026
    
U.S. Treasury Obligations–0.0% Rate Maturity Face Amount Value
U.S. Treasury Bill   (b) 0.000% 01/26/2023 $  200,000 $      197,743
Total U.S. Treasury Obligations (Cost $197,976)
      $197,743
    
Money Market Funds–0.7% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (c) 7,999,043 $    7,998,243
State Street Institutional U.S. Government Money Market Fund, 0.246%
  (c) 36,060        36,060
Total Money Market Funds (Cost $8,034,303)
        $8,034,303
Total Investments – 101.3% (Cost $729,594,319)
  (d)   $1,223,991,072
Liabilities in Excess of Other Assets – (1.3)%
  (b)   (15,874,049)
Net Assets – 100.0%     $1,208,117,023
    
 
Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Non-income producing security.
(b) Security is fully pledged, in addition to $284,158 of the Portfolio’s cash holdings, as collateral for the futures contracts outstanding at March 31, 2022. See also the following Schedule of Open Futures Contracts.
(c) Rate represents the seven-day yield at March 31, 2022.
(d) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
32
Ohio National Fund, Inc. ON S&P 500® Index Portfolio (Continued)
 Schedule of Open Futures Contracts March 31, 2022 (Unaudited) 
    
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
CME E-mini S&P 500 Index - Long   40   June 17, 2022   $9,035,556   $9,061,501   $25,945   $(195,293)
The accompanying notes are an integral part of these financial statements.
33
Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Value Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–100.4% Shares Value
Communication Services–6.2%
 		     
Alphabet, Inc. Class A (Interactive Media & Svs.)
  (a) 749 $  2,083,231
Alphabet, Inc. Class C (Interactive Media & Svs.)
  (a) 556    1,552,903
Altice U.S.A., Inc. Class A (Media)
  (a) 28,450      355,056
AT&T, Inc. (Diversified Telecom. Svs.)
  112,137    2,649,797
Charter Communications, Inc. Class A (Media)
  (a) 1,152      628,439
Comcast Corp. Class A (Media)
  116,837    5,470,308
Discovery, Inc. Class C (Media)
  (a) 4,585      114,488
Fox Corp. Class A (Media)
  58,180    2,295,201
Fox Corp. Class B (Media)
  2,226       80,759
Liberty Global PLC Class A (Diversified Telecom. Svs.)
  (a) 18,820      480,098
Nexstar Media Group, Inc. Class A (Media)
  443       83,497
ROBLOX Corp. Class A (Entertainment)
  (a) 1,768       81,752
Spotify Technology SA (Entertainment)
  (a) 2,034      307,175
United States Cellular Corp. (Wireless Telecom. Svs.)
  (a) 19,062      576,244
Verizon Communications, Inc. (Diversified Telecom. Svs.)
  28,210    1,437,018
Walt Disney Co. / The (Entertainment)
  (a) 883      121,112
Zynga, Inc. Class A (Entertainment)
  (a) 7,770      71,795
       18,388,873
Consumer Discretionary–4.0%
 		     
Best Buy Co., Inc. (Specialty Retail)
  3,292      299,243
BorgWarner, Inc. (Auto Components)
  24,664      959,430
Ford Motor Co. (Automobiles)
  10,801      182,645
Garmin Ltd. (Household Durables)
  1,710      202,823
General Motors Co. (Automobiles)
  (a) 31,158    1,362,851
Goodyear Tire & Rubber Co. / The (Auto Components)
  (a) 6,402       91,485
H&R Block, Inc. (Diversified Consumer Svs.)
  26,639      693,679
Home Depot, Inc. / The (Specialty Retail)
  2,700      808,191
Lennar Corp. Class A (Household Durables)
  2,266      183,931
McDonald's Corp. (Hotels, Restaurants & Leisure)
  3,655      903,808
Service Corp. International (Diversified Consumer Svs.)
  12,273      807,809
Target Corp. (Multiline Retail)
  11,122    2,360,311
Travel + Leisure Co. (Hotels, Restaurants & Leisure)
  18,407    1,066,502
Under Armour, Inc. Class C (Textiles, Apparel & Luxury Goods)
  (a) 2,956       45,995
Whirlpool Corp. (Household Durables)
  6,804    1,175,595
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)
  6,383     756,577
       11,900,875
Consumer Staples–7.5%
 		     
Albertsons Cos., Inc. Class A (Food & Staples Retailing)
  1,577       52,435
Archer-Daniels-Midland Co. (Food Products)
  2,583      233,141
Brown-Forman Corp. Class B (Beverages)
  19,820    1,328,336
Bunge Ltd. (Food Products)
  9,664    1,070,868
Church & Dwight Co., Inc. (Household Products)
  4,326      429,918
Coca-Cola Europacific Partners PLC (Beverages)
  9,116      443,129
Colgate-Palmolive Co. (Household Products)
  50,189    3,805,832
Kellogg Co. (Food Products)
  17,123    1,104,262
Keurig Dr Pepper, Inc. (Beverages)
  62,691    2,375,989
Kroger Co. / The (Food & Staples Retailing)
  5,454      312,896
McCormick & Co., Inc. (Food Products)
  17,483    1,744,803
Molson Coors Beverage Co. Class B (Beverages)
  915       48,843
PepsiCo, Inc. (Beverages)
  4,353      728,605
Common Stocks (Continued) Shares Value
Consumer Staples (continued)
 		     
Philip Morris International, Inc. (Tobacco)
  7,340 $    689,520
Procter & Gamble Co. / The (Household Products)
  27,942    4,269,538
Walmart, Inc. (Food & Staples Retailing)
  25,911   3,858,666
       22,496,781
Energy–7.8%
 		     
Chevron Corp. (Oil, Gas & Consumable Fuels)
  16,019    2,608,374
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)
  582       35,694
Devon Energy Corp. (Oil, Gas & Consumable Fuels)
  31,807    1,880,748
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)
  1,490      204,249
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)
  18,501    2,205,874
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)
  12,177      102,774
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)
  93,212    7,698,379
Halliburton Co. (Energy Equip. & Svs.)
  36,077    1,366,236
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)
  81,037    2,034,839
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  1,106       62,754
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)
  12,208      660,087
Phillips 66 (Oil, Gas & Consumable Fuels)
  14,087    1,216,976
Schlumberger N.V. (Energy Equip. & Svs.)
  37,189    1,536,278
Targa Resources Corp. (Oil, Gas & Consumable Fuels)
  2,085      157,355
Valero Energy Corp. (Oil, Gas & Consumable Fuels)
  5,925      601,624
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)
  32,182   1,075,201
       23,447,442
Financials–20.3%
 		     
Allstate Corp. / The (Insurance)
  7,412    1,026,636
Ally Financial, Inc. (Consumer Finance)
  44,103    1,917,598
American Express Co. (Consumer Finance)
  5,817    1,087,779
Bank of America Corp. (Banks)
  172,483    7,109,749
Bank of New York Mellon Corp. / The (Capital Markets)
  4,547      225,668
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.)
  (a) 17,090    6,031,232
Capital One Financial Corp. (Consumer Finance)
  5,724      751,504
Charles Schwab Corp. / The (Capital Markets)
  8,630      727,595
Citigroup, Inc. (Banks)
  60,338    3,222,049
Discover Financial Services (Consumer Finance)
  1,505      165,836
FactSet Research Systems, Inc. (Capital Markets)
  2,097      910,413
First Republic Bank (Banks)
  2,455      397,956
Goldman Sachs Group, Inc. / The (Capital Markets)
  6,161    2,033,746
Hanover Insurance Group, Inc. / The (Insurance)
  2,407      359,895
Hartford Financial Services Group, Inc. / The (Insurance)
  667       47,897
Huntington Bancshares, Inc. (Banks)
  57,486      840,445
Jefferies Financial Group, Inc. (Capital Markets)
  8,062      264,837
JPMorgan Chase & Co. (Banks)
  44,149    6,018,392
Marsh & McLennan Cos., Inc. (Insurance)
  16,592    2,827,609
MetLife, Inc. (Insurance)
  56,878    3,997,386
Moody's Corp. (Capital Markets)
  2,827      953,858
 
34
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Value Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Financials (continued)      
Pinnacle Financial Partners, Inc. (Banks)
  10,458 $    962,973
PNC Financial Services Group, Inc. / The (Banks)
  10,810    1,993,905
Prudential Financial, Inc. (Insurance)
  10,174    1,202,262
Radian Group, Inc. (Thrifts & Mortgage Finance)
  11,988      266,253
Regions Financial Corp. (Banks)
  125,061    2,783,858
Reinsurance Group of America, Inc. (Insurance)
  6,355      695,618
S&P Global, Inc. (Capital Markets)
  5,490    2,251,888
Stifel Financial Corp. (Capital Markets)
  8,096      549,718
Travelers Cos., Inc. / The (Insurance)
  20,765    3,794,388
Truist Financial Corp. (Banks)
  18,963    1,075,202
Voya Financial, Inc. (Diversified Financial Svs.)
  48,034    3,187,056
Wells Fargo & Co. (Banks)
  20,592     997,888
       60,679,089
Health Care–19.1%
 		     
Abbott Laboratories (Health Care Equip. & Supplies)
  4,499      532,502
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)
  20,642    2,731,556
Amgen, Inc. (Biotechnology)
  8,918    2,156,551
Anthem, Inc. (Health Care Providers & Svs.)
  8,829    4,336,981
Biogen, Inc. (Biotechnology)
  (a) 4,506      948,964
Boston Scientific Corp. (Health Care Equip. & Supplies)
  (a) 43,669    1,934,100
Bristol-Myers Squibb Co. (Pharmaceuticals)
  17,412    1,271,598
Cigna Corp. (Health Care Providers & Svs.)
  8,513    2,039,800
CVS Health Corp. (Health Care Providers & Svs.)
  30,333    3,070,003
Danaher Corp. (Life Sciences Tools & Svs.)
  11,419    3,349,535
Humana, Inc. (Health Care Providers & Svs.)
  158       68,757
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)
  (a) 2,968    1,623,674
Johnson & Johnson (Pharmaceuticals)
  56,054    9,934,449
McKesson Corp. (Health Care Providers & Svs.)
  2,527      773,590
Medtronic PLC (Health Care Equip. & Supplies)
  17,537    1,945,730
Merck & Co., Inc. (Pharmaceuticals)
  51,503    4,225,821
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)
  (a) 424      582,233
Molina Healthcare, Inc. (Health Care Providers & Svs.)
  (a) 1,679      560,098
Perrigo Co. PLC (Pharmaceuticals)
  2,391       91,886
Pfizer, Inc. (Pharmaceuticals)
  69,688    3,607,748
Syneos Health, Inc. (Life Sciences Tools & Svs.)
  (a) 17,164    1,389,426
Teladoc Health, Inc. (Health Care Technology)
  (a) 13,323      960,988
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)
  4,886    2,885,916
UnitedHealth Group, Inc. (Health Care Providers & Svs.)
  6,100    3,110,817
Zoetis, Inc. (Pharmaceuticals)
  14,933   2,816,214
       56,948,937
Industrials–11.8%
 		     
Alaska Air Group, Inc. (Airlines)
  (a) 15,689      910,119
AMETEK, Inc. (Electrical Equip.)
  8,048    1,071,833
Boeing Co. / The (Aerospace & Defense)
  (a) 9,346    1,789,759
Builders FirstSource, Inc. (Building Products)
  (a) 3,070      198,138
CSX Corp. (Road & Rail)
  3,339      125,046
Cummins, Inc. (Machinery)
  4,473      917,457
Curtiss-Wright Corp. (Aerospace & Defense)
  13,145    1,973,853
Delta Air Lines, Inc. (Airlines)
  (a) 1,985       78,546
Donaldson Co., Inc. (Machinery)
  3,285      170,590
Eaton Corp. PLC (Electrical Equip.)
  19,624    2,978,138
Equifax, Inc. (Professional Svs.)
  1,855      439,820
Expeditors International of Washington, Inc. (Air Freight & Logistics)
  666       68,705
Common Stocks (Continued) Shares Value
Industrials (continued)      
General Dynamics Corp. (Aerospace & Defense)
  17,355 $  4,185,679
HEICO Corp. (Aerospace & Defense)
  6,649    1,020,887
HEICO Corp. Class A (Aerospace & Defense)
  14,889    1,888,372
Honeywell International, Inc. (Industrial Conglomerates)
  16,553    3,220,883
Illinois Tool Works, Inc. (Machinery)
  15,481    3,241,721
Landstar System, Inc. (Road & Rail)
  15,788    2,381,304
Lennox International, Inc. (Building Products)
  437      112,685
Lockheed Martin Corp. (Aerospace & Defense)
  2,214      977,260
MasTec, Inc. (Construction & Engineering)
  (a) 1,681      146,415
Northrop Grumman Corp. (Aerospace & Defense)
  1,551      693,638
Owens Corning (Building Products)
  11,817    1,081,255
Republic Services, Inc. (Commercial Svs. & Supplies)
  623       82,548
Roper Technologies, Inc. (Industrial Conglomerates)
  1,614      762,179
Ryder System, Inc. (Road & Rail)
  5,775      458,131
Schneider National, Inc. Class B (Road & Rail)
  17,623      449,386
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)
  (a) 9,172    1,483,021
Snap-on, Inc. (Machinery)
  4,399      903,907
United Parcel Service, Inc. Class B (Air Freight & Logistics)
  4,588      983,942
Waste Connections, Inc. (Commercial Svs. & Supplies)
  2,763     385,991
       35,181,208
Information Technology–10.2%
 		     
Adobe, Inc. (Software)
  (a) 533      242,845
Advanced Micro Devices, Inc. (Semiconductors & Equip.)
  (a) 6,826      746,355
Automatic Data Processing, Inc. (IT Svs.)
  2,955      672,381
Avnet, Inc. (Electronic Equip., Instr. & Comp.)
  6,467      262,496
Cadence Design Systems, Inc. (Software)
  (a) 2,410      396,349
Ciena Corp. (Communications Equip.)
  (a) 5,005      303,453
Cirrus Logic, Inc. (Semiconductors & Equip.)
  (a) 6,284      532,820
Cisco Systems, Inc. (Communications Equip.)
  648       36,132
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.)
  (a) 53,249    2,672,567
Fidelity National Information Services, Inc. (IT Svs.)
  25,577    2,568,442
Flex Ltd. (Electronic Equip., Instr. & Comp.)
  (a) 14,155      262,575
Global Payments, Inc. (IT Svs.)
  929      127,124
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)
  94,932    1,586,314
HP, Inc. (Tech. Hardware, Storage & Periph.)
  33,527    1,217,030
Intel Corp. (Semiconductors & Equip.)
  95,004    4,708,398
Intuit, Inc. (Software)
  691      332,260
Juniper Networks, Inc. (Communications Equip.)
  46,328    1,721,549
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 6,053      956,192
Microsoft Corp. (Software)
  3,113      959,769
Monolithic Power Systems, Inc. (Semiconductors & Equip.)
  178       86,451
NXP Semiconductors N.V. (Semiconductors & Equip.)
  483       89,394
PayPal Holdings, Inc. (IT Svs.)
  (a) 4,477      517,765
QUALCOMM, Inc. (Semiconductors & Equip.)
  408       62,351
salesforce.com, Inc. (Software)
  (a) 11,264    2,391,573
ServiceNow, Inc. (Software)
  (a) 1,722      958,965
Silicon Laboratories, Inc. (Semiconductors & Equip.)
  (a) 7,404    1,112,081
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)
  947      124,038
Texas Instruments, Inc. (Semiconductors & Equip.)
  1,462      268,248
 
35
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Value Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Information Technology (continued)
 		     
Visa, Inc. (IT Svs.)
  10,366 $  2,298,868
Western Digital Corp. (Tech. Hardware, Storage & Periph.)
  (a) 9,633      478,278
Western Union Co. / The (IT Svs.)
  14,994      280,988
Workday, Inc. Class A (Software)
  (a) 6,752   1,616,834
       30,590,885
Materials–3.1%
 		     
Corteva, Inc. (Chemicals)
  22,611    1,299,680
Ecolab, Inc. (Chemicals)
  16,452    2,904,765
Freeport-McMoRan, Inc. (Metals & Mining)
  15,235      757,789
Linde PLC (Chemicals)
  3,417    1,091,492
Mosaic Co. / The (Chemicals)
  6,936      461,244
PPG Industries, Inc. (Chemicals)
  928      121,633
Reliance Steel & Aluminum Co. (Metals & Mining)
  11,863    2,175,081
Steel Dynamics, Inc. (Metals & Mining)
  648       54,063
Vulcan Materials Co. (Construction Materials)
  1,345      247,077
Westrock Co. (Containers & Packaging)
  4,749     223,345
        9,336,169
Real Estate–5.5%
 		     
American Homes 4 Rent Class A (Equity REIT)
  12,839      513,945
Brixmor Property Group, Inc. (Equity REIT)
  5,718      147,582
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)
  (a) 12,121    1,109,314
Crown Castle International Corp. (Equity REIT)
  3,021      557,677
CubeSmart (Equity REIT)
  50,476    2,626,266
Equity LifeStyle Properties, Inc. (Equity REIT)
  19,960    1,526,541
Extra Space Storage, Inc. (Equity REIT)
  10,137    2,084,167
Common Stocks (Continued) Shares Value
Real Estate (continued)
 		     
Life Storage, Inc. (Equity REIT)
  12,440 $  1,746,949
Mid-America Apartment Communities, Inc. (Equity REIT)
  3,252      681,131
Prologis, Inc. (Equity REIT)
  32,170    5,194,812
Sun Communities, Inc. (Equity REIT)
  936     164,071
       16,352,455
Utilities–4.9%
 		     
CMS Energy Corp. (Multi-Utilities)
  14,382    1,005,877
DTE Energy Co. (Multi-Utilities)
  25,975    3,434,155
Entergy Corp. (Electric Utilities)
  31,975    3,733,081
Eversource Energy (Electric Utilities)
  11,803    1,040,907
NextEra Energy, Inc. (Electric Utilities)
  23,083    1,955,361
OGE Energy Corp. (Electric Utilities)
  79,803    3,254,366
Sempra Energy (Multi-Utilities)
  435       73,132
Sunnova Energy International, Inc. (Ind. Power & Renewable Elec.)
  (a) 3,862      89,058
       14,585,937
Total Common Stocks (Cost $290,056,514)
    $299,908,651
    
Money Market Funds–1.1% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (b) 3,377,257 $  3,376,919
Total Money Market Funds (Cost $3,376,470)
      $3,376,919
Total Investments – 101.5% (Cost $293,432,984)
  (c)   $303,285,570
Liabilities in Excess of Other Assets – (1.5)%
  (d)   (4,425,270)
Net Assets – 100.0%     $298,860,300
    
 
Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2022.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(d) Includes $250,800 of cash pledged as collateral for the futures contracts outstanding at March 31, 2022. See also the following Schedule of Open Futures Contracts.
 Schedule of Open Futures Contracts March 31, 2022 (Unaudited) 
    
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
CME E-mini S&P 500 Index - Long   19   June 17, 2022   $4,108,370   $4,304,213   $195,843   $(61,988)
The accompanying notes are an integral part of these financial statements.
36
Ohio National Fund, Inc. ON Federated High Income Bond Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds–97.6% Rate Maturity Face Amount Value
Communication Services–17.7%
 		         
AMC Networks, Inc. (Media)
  4.750% 08/01/2025 $  175,000 $    174,379
AMC Networks, Inc. (Media)
  4.250% 02/15/2029   100,000      93,320
Audacy Capital Corp. (Media)
  (a) 6.500% 05/01/2027   375,000     351,847
Audacy Capital Corp. (Media)
  (a) 6.750% 03/31/2029   350,000     326,812
Cars.com, Inc. (Interactive Media & Svs.)
  (a) 6.375% 11/01/2028   400,000     397,148
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (a) 5.125% 05/01/2027   225,000     225,332
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (a) 5.000% 02/01/2028   650,000     643,175
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (a) 5.375% 06/01/2029   175,000     175,000
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (a) 4.750% 03/01/2030 2,175,000   2,088,521
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (a) 4.500% 08/15/2030   250,000     234,573
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (a) 4.250% 01/15/2034   100,000      86,850
CSC Holdings LLC (Media)
  5.250% 06/01/2024   375,000     375,474
CSC Holdings LLC (Media)
  (a) 5.500% 04/15/2027   900,000     892,125
CSC Holdings LLC (Media)
  (a) 7.500% 04/01/2028   550,000     540,375
CSC Holdings LLC (Media)
  (a) 5.750% 01/15/2030   300,000     267,000
CSC Holdings LLC (Media)
  (a) 4.125% 12/01/2030   200,000     175,373
CSC Holdings LLC (Media)
  (a) 4.625% 12/01/2030   675,000     564,496
CSC Holdings LLC (Media)
  (a) 3.375% 02/15/2031   200,000     168,500
CSC Holdings LLC (Media)
  (a) 4.500% 11/15/2031   150,000     134,441
Cumulus Media New Holdings, Inc. (Media)
  (a) 6.750% 07/01/2026   356,000     356,085
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. (Media)
  (a) 5.875% 08/15/2027   400,000     393,500
DISH DBS Corp. (Media)
  (a) 5.250% 12/01/2026   450,000     428,625
DISH DBS Corp. (Media)
  7.375% 07/01/2028   100,000      94,750
DISH DBS Corp. (Media)
  5.125% 06/01/2029   625,000     532,244
Gray Escrow II, Inc. (Media)
  (a) 5.375% 11/15/2031   175,000     167,338
Gray Television, Inc. (Media)
  (a) 5.875% 07/15/2026   750,000     767,876
Gray Television, Inc. (Media)
  (a) 4.750% 10/15/2030    75,000      69,656
iHeartCommunications, Inc. (Media)
  6.375% 05/01/2026    41,769      42,918
iHeartCommunications, Inc. (Media)
  8.375% 05/01/2027 1,025,707   1,060,530
iHeartCommunications, Inc. (Media)
  (a) 5.250% 08/15/2027   250,000     247,187
iHeartCommunications, Inc. (Media)
  (a) 4.750% 01/15/2028   100,000      95,500
Lamar Media Corp. (Media)
  4.875% 01/15/2029   150,000     148,875
Lamar Media Corp. (Media)
  3.625% 01/15/2031   100,000      91,813
Match Group Holdings II LLC (Interactive Media & Svs.)
  (a) 5.000% 12/15/2027   450,000     447,813
Match Group Holdings II LLC (Interactive Media & Svs.)
  (a) 4.625% 06/01/2028    75,000      72,656
Match Group Holdings II LLC (Interactive Media & Svs.)
  (a) 4.125% 08/01/2030   350,000     327,974
Match Group Holdings II LLC (Interactive Media & Svs.)
  (a) 3.625% 10/01/2031   150,000     134,165
Midas OpCo Holdings LLC (Media)
  (a) 5.625% 08/15/2029   750,000     707,535
Millennium Escrow Corp. (Interactive Media & Svs.)
  (a) 6.625% 08/01/2026   225,000     213,624
News Corp. (Media)
  (a) 5.125% 02/15/2032    75,000      75,399
Nexstar Media, Inc. (Media)
  (a) 5.625% 07/15/2027   300,000     303,660
Nexstar Media, Inc. (Media)
  (a) 4.750% 11/01/2028   750,000     726,562
Rackspace Technology Global, Inc. (Interactive Media & Svs.)
  (a) 3.500% 02/15/2028   350,000     313,119
Rackspace Technology Global, Inc. (Interactive Media & Svs.)
  (a) 5.375% 12/01/2028   375,000     325,369
ROBLOX Corp. (Entertainment)
  (a) 3.875% 05/01/2030   275,000     257,125
Scripps Escrow II, Inc. (Media)
  (a) 3.875% 01/15/2029   100,000      92,925
Scripps Escrow II, Inc. (Media)
  (a) 5.375% 01/15/2031   300,000     287,250
Scripps Escrow, Inc. (Media)
  (a) 5.875% 07/15/2027   350,000     350,266
Sinclair Television Group, Inc. (Media)
  (a) 5.875% 03/15/2026   650,000     633,600
Sinclair Television Group, Inc. (Media)
  (a) 5.125% 02/15/2027   125,000     113,438
Sinclair Television Group, Inc. (Media)
  (a) 5.500% 03/01/2030   275,000     238,002
Sirius XM Radio, Inc. (Media)
  (a) 3.125% 09/01/2026   225,000     212,731
Sirius XM Radio, Inc. (Media)
  (a) 5.000% 08/01/2027    75,000      74,813
Sirius XM Radio, Inc. (Media)
  (a) 4.000% 07/15/2028   175,000     166,250
Sirius XM Radio, Inc. (Media)
  (a) 4.125% 07/01/2030   475,000     444,681
Sirius XM Radio, Inc. (Media)
  (a) 3.875% 09/01/2031   600,000     546,000
Sprint Corp. (Wireless Telecom. Svs.)
  7.625% 02/15/2025   300,000     327,000
TEGNA, Inc. (Media)
  5.000% 09/15/2029   750,000     751,834
Telenet Finance Luxembourg Notes SARL (Media)
  (a) 5.500% 03/01/2028   800,000     772,000
Terrier Media Buyer, Inc. (Media)
  (a) 8.875% 12/15/2027 1,000,000   1,017,500
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  (a) 2.250% 02/15/2026   200,000     188,460
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  (a) 3.375% 04/15/2029   500,000     475,565
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  2.875% 02/15/2031   150,000     135,140
Townsquare Media, Inc. (Media)
  (a) 6.875% 02/01/2026   100,000     102,985
Twitter, Inc. (Interactive Media & Svs.)
  (a) 5.000% 03/01/2030   275,000     273,625
Univision Communications, Inc. (Media)
  (a) 4.500% 05/01/2029   275,000     261,768
UPC Broadband Finco B.V. (Media)
  (a) 4.875% 07/15/2031   725,000     680,681
Urban One, Inc. (Media)
  (a) 7.375% 02/01/2028   400,000     401,500
Virgin Media Finance PLC (Media)
  (a) 5.000% 07/15/2030   200,000     188,899
Virgin Media Secured Finance PLC (Media)
  (a) 4.500% 08/15/2030   200,000     186,500
Virgin Media Vendor Financing Notes IV DAC (Media)
  (a) 5.000% 07/15/2028   575,000     552,000
Vmed O2 U.K. Financing I PLC (Wireless Telecom. Svs.)
  (a) 4.250% 01/31/2031   200,000     182,924
Vmed O2 U.K. Financing I PLC (Wireless Telecom. Svs.)
  (a) 4.750% 07/15/2031   400,000     377,000
VZ Secured Financing B.V. (Media)
  (a) 5.000% 01/15/2032   550,000     514,250
WMG Acquisition Corp. (Entertainment)
  (a) 3.750% 12/01/2029   125,000     117,500
WMG Acquisition Corp. (Entertainment)
  (a) 3.875% 07/15/2030    75,000      71,438
Ziggo Bond Co. B.V. (Diversified Telecom. Svs.)
  (a) 6.000% 01/15/2027   425,000     427,656
ZipRecruiter, Inc. (Interactive Media & Svs.)
  (a) 5.000% 01/15/2030   100,000      97,657
           27,580,477
37
(continued)
Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Consumer Discretionary–11.9%
 		         
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)
  (a) 4.000% 10/15/2030 $1,800,000 $  1,623,663
Academy Ltd. (Specialty Retail)
  (a) 6.000% 11/15/2027   175,000     179,170
Adient Global Holdings Ltd. (Auto Components)
  (a) 4.875% 08/15/2026   775,000     737,575
Affinity Gaming (Hotels, Restaurants & Leisure)
  (a) 6.875% 12/15/2027   400,000     389,000
Aramark Services, Inc. (Hotels, Restaurants & Leisure)
  (a) 6.375% 05/01/2025   625,000     641,581
Aramark Services, Inc. (Hotels, Restaurants & Leisure)
  (a) 5.000% 02/01/2028   100,000      97,000
Asbury Automotive Group, Inc. (Specialty Retail)
  (a) 4.625% 11/15/2029   300,000     279,375
Asbury Automotive Group, Inc. (Specialty Retail)
  (a) 5.000% 02/15/2032   200,000     185,908
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)
  (a) 8.625% 06/01/2025    25,000      26,259
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)
  4.750% 12/01/2027   275,000     273,625
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)
  (a) 4.750% 06/15/2031   200,000     192,750
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 6.250% 07/01/2025   325,000     335,543
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 8.125% 07/01/2027   450,000     482,155
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 4.625% 10/15/2029   275,000     257,125
Caesars Resort Collection LLC / CRC Finco, Inc. (Hotels, Restaurants & Leisure)
  (a) 5.750% 07/01/2025    50,000      51,029
CCM Merger, Inc. (Hotels, Restaurants & Leisure)
  (a) 6.375% 05/01/2026    50,000      50,500
Clarios Global LP / Clarios U.S. Finance Co. (Auto Components)
  (a) 6.250% 05/15/2026   112,000     115,220
Clarios Global LP / Clarios U.S. Finance Co. (Auto Components)
  (a) 8.500% 05/15/2027 1,250,000   1,296,875
Dana, Inc. (Auto Components)
  4.250% 09/01/2030   250,000     228,800
Dana, Inc. (Auto Components)
  4.500% 02/15/2032   100,000      89,500
Dornoch Debt Merger Sub, Inc. (Auto Components)
  (a) 6.625% 10/15/2029   625,000     543,419
Gap, Inc. / The (Specialty Retail)
  (a) 3.625% 10/01/2029    75,000      66,825
Gap, Inc. / The (Specialty Retail)
  (a) 3.875% 10/01/2031   175,000     152,443
Garda World Security Corp. (Diversified Consumer Svs.)
  (a) 9.500% 11/01/2027 1,103,000   1,130,575
Gates Global LLC / Gates Corp. (Auto Components)
  (a) 6.250% 01/15/2026   950,000     950,888
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)
  (a) 5.750% 05/01/2028    75,000      77,595
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)
  4.875% 01/15/2030   150,000     149,662
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)
  (a) 3.625% 02/15/2032   300,000     272,250
IHO Verwaltungs GmbH (Auto Components)
 (a)(b) 4.750%, 5.500% PIK 09/15/2026   400,000     392,000
IHO Verwaltungs GmbH (Auto Components)
 (a)(b) 6.000%, 6.750% PIK 05/15/2027   400,000     391,000
J.B. Poindexter & Co., Inc. (Auto Components)
  (a) 7.125% 04/15/2026   250,000     254,062
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC (Hotels, Restaurants & Leisure)
  (a) 4.750% 06/01/2027   525,000     532,875
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)
  (a) 4.125% 11/15/2029   100,000      91,500
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure)
  (a) 4.625% 06/15/2025   100,000     100,750
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure)
  (a) 3.875% 02/15/2029    50,000      49,125
MGM Resorts International (Hotels, Restaurants & Leisure)
  4.625% 09/01/2026   248,000     244,280
MGM Resorts International (Hotels, Restaurants & Leisure)
  4.750% 10/15/2028    75,000      72,587
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. (Hotels, Restaurants & Leisure)
  (a) 4.875% 05/01/2029   200,000     184,372
Mohegan Gaming & Entertainment (Hotels, Restaurants & Leisure)
  (a) 8.000% 02/01/2026   850,000     844,687
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure)
  (a) 5.625% 01/15/2027    50,000      49,542
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure)
  (a) 4.125% 07/01/2029   125,000     111,900
Raptor Acquisition Corp. / Raptor Co-Issuer LLC (Hotels, Restaurants & Leisure)
  (a) 4.875% 11/01/2026    50,000      48,025
Real Hero Merger Sub 2, Inc. (Auto Components)
  (a) 6.250% 02/01/2029   975,000     888,352
Scientific Games Holdings LP / Scientific Games U.S. FinCo, Inc. (Hotels, Restaurants & Leisure)
  (a) 6.625% 03/01/2030   400,000     394,312
Scientific Games International, Inc. (Hotels, Restaurants & Leisure)
  (a) 8.625% 07/01/2025   350,000     367,937
Scientific Games International, Inc. (Hotels, Restaurants & Leisure)
  (a) 8.250% 03/15/2026   150,000     156,188
Scientific Games International, Inc. (Hotels, Restaurants & Leisure)
  (a) 7.250% 11/15/2029   250,000     261,875
SeaWorld Parks & Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 5.250% 08/15/2029   500,000     476,870
Signal Parent, Inc. (Diversified Consumer Svs.)
  (a) 6.125% 04/01/2029   425,000     346,366
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)
  (a) 5.500% 04/15/2027   500,000     499,375
Six Flags Theme Parks, Inc. (Hotels, Restaurants & Leisure)
  (a) 7.000% 07/01/2025    50,000      52,188
Station Casinos LLC (Hotels, Restaurants & Leisure)
  (a) 4.500% 02/15/2028   200,000     189,697
Station Casinos LLC (Hotels, Restaurants & Leisure)
  (a) 4.625% 12/01/2031   200,000     182,940
William Carter Co. / The (Textiles, Apparel & Luxury Goods)
  (a) 5.500% 05/15/2025    75,000      77,288
William Carter Co. / The (Textiles, Apparel & Luxury Goods)
  (a) 5.625% 03/15/2027    75,000      76,107
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)
  (a) 4.750% 01/15/2030    75,000      73,547
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)
  4.625% 01/31/2032   100,000      96,729
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)
  5.375% 04/01/2032   150,000     150,339
           18,533,125
Consumer Staples–3.1%
 		         
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing)
  (a) 5.875% 02/15/2028   100,000      99,662
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing)
  (a) 3.500% 03/15/2029   425,000     383,550
BellRing Brands, Inc. (Personal Products)
  (a) 7.000% 03/15/2030   575,000     587,219
Edgewell Personal Care Co. (Personal Products)
  (a) 5.500% 06/01/2028   175,000     174,125
Edgewell Personal Care Co. (Personal Products)
  (a) 4.125% 04/01/2029   200,000     184,044
Energizer Holdings, Inc. (Household Products)
  (a) 6.500% 12/31/2027   100,000      99,000
Energizer Holdings, Inc. (Household Products)
  (a) 4.750% 06/15/2028   150,000     136,241
Energizer Holdings, Inc. (Household Products)
  (a) 4.375% 03/31/2029   425,000     372,081
Kraft Heinz Foods Co. (Food Products)
  5.200% 07/15/2045   200,000     216,500
Kraft Heinz Foods Co. (Food Products)
  4.375% 06/01/2046   500,000     493,820
Performance Food Group, Inc. (Food & Staples Retailing)
  (a) 5.500% 10/15/2027   150,000     149,280
38
(continued)
Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Consumer Staples (continued)
 		         
Performance Food Group, Inc. (Food & Staples Retailing)
  (a) 4.250% 08/01/2029 $  250,000 $    227,813
Post Holdings, Inc. (Food Products)
  (a) 5.750% 03/01/2027   230,000     231,139
Post Holdings, Inc. (Food Products)
  (a) 5.625% 01/15/2028   500,000     490,782
Post Holdings, Inc. (Food Products)
  (a) 4.625% 04/15/2030   150,000     135,068
Post Holdings, Inc. (Food Products)
  (a) 4.500% 09/15/2031   350,000     310,096
U.S. Foods, Inc. (Food & Staples Retailing)
  (a) 6.250% 04/15/2025   100,000     102,500
U.S. Foods, Inc. (Food & Staples Retailing)
  (a) 4.750% 02/15/2029   350,000     333,812
U.S. Foods, Inc. (Food & Staples Retailing)
  (a) 4.625% 06/01/2030   175,000     161,895
            4,888,627
Energy–13.7%
 		         
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 7.875% 05/15/2026   125,000     135,265
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.750% 03/01/2027   250,000     254,597
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.750% 01/15/2028   625,000     638,281
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.375% 06/15/2029   625,000     624,362
Antero Resources Corp. (Oil, Gas & Consumable Fuels)
  (a) 7.625% 02/01/2029   104,000     112,417
Antero Resources Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.375% 03/01/2030   225,000     229,781
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 6.875% 04/01/2027   625,000     632,012
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 6.250% 04/01/2028   450,000     443,515
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 7.000% 11/01/2026   425,000     435,833
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 8.250% 12/31/2028   100,000     105,050
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.875% 06/30/2029    75,000      74,107
Berry Petroleum Co. LLC (Oil, Gas & Consumable Fuels)
  (a) 7.000% 02/15/2026   175,000     172,813
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)
  8.250% 07/15/2025   150,000     151,500
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)
  6.375% 07/01/2026   125,000     124,297
Centennial Resource Production LLC (Oil, Gas & Consumable Fuels)
  (a) 6.875% 04/01/2027   350,000     351,785
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)
  4.500% 10/01/2029   125,000     125,625
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)
  4.000% 03/01/2031   325,000     315,052
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)
  (a) 3.250% 01/31/2032   150,000     136,394
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)
  4.625% 10/15/2028   175,000     175,586
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.500% 02/01/2026    50,000      51,204
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.875% 02/01/2029    50,000      51,625
CNX Midstream Partners LP (Oil, Gas & Consumable Fuels)
  (a) 4.750% 04/15/2030   425,000     398,000
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)
  (a) 6.750% 03/01/2029   500,000     515,790
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)
  (a) 5.875% 01/15/2030   100,000      98,530
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 8.000% 04/01/2029   250,000     266,845
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels)
  (a) 5.625% 10/15/2025   600,000     611,541
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels)
  (a) 5.000% 05/01/2029    50,000      50,000
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)
  (a) 4.375% 06/15/2031   200,000     191,500
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels)
  (a) 6.625% 07/15/2025   200,000     207,500
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels)
  (a) 5.750% 01/30/2028   100,000     103,375
Enviva Partners LP / Enviva Partners Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 6.500% 01/15/2026   900,000     925,317
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)
  4.750% 07/15/2023    59,000      59,443
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)
  (a) 6.000% 07/01/2025   225,000     229,510
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)
  (a) 6.500% 07/01/2027   325,000     339,475
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)
  5.500% 07/15/2028   350,000     351,370
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)
  (a) 4.500% 01/15/2029   225,000     210,375
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)
  (a) 4.750% 01/15/2031   675,000     631,125
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)
  6.500% 07/15/2048    75,000      72,375
EQT Corp. (Oil, Gas & Consumable Fuels)
  6.625% 02/01/2025   100,000     105,627
EQT Corp. (Oil, Gas & Consumable Fuels)
  (a) 3.125% 05/15/2026   250,000     242,817
EQT Corp. (Oil, Gas & Consumable Fuels)
  3.900% 10/01/2027    25,000      24,928
EQT Corp. (Oil, Gas & Consumable Fuels)
  5.000% 01/15/2029    75,000      77,426
EQT Corp. (Oil, Gas & Consumable Fuels)
  (a) 3.625% 05/15/2031   125,000     119,375
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)
  (a) 5.125% 06/15/2028   300,000     299,803
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)
  (a) 4.250% 02/15/2030   100,000      94,360
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.000% 02/01/2028   300,000     284,622
Nabors Industries Ltd. (Energy Equip. & Svs.)
  (a) 7.250% 01/15/2026   225,000     225,000
Nabors Industries Ltd. (Energy Equip. & Svs.)
  (a) 7.500% 01/15/2028   275,000     268,125
Nabors Industries, Inc. (Oil, Gas & Consumable Fuels)
  (a) 7.375% 05/15/2027   100,000     103,875
NuStar Logistics LP (Oil, Gas & Consumable Fuels)
  5.625% 04/28/2027   450,000     440,269
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels)
  (a) 6.375% 06/01/2026    75,000      76,875
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  8.000% 07/15/2025   100,000     112,300
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  5.875% 09/01/2025   225,000     238,994
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  8.875% 07/15/2030   375,000     480,937
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  6.625% 09/01/2030   275,000     315,562
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  6.450% 09/15/2036   225,000     264,304
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  4.300% 08/15/2039   325,000     307,125
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  4.100% 02/15/2047   150,000     138,750
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  4.400% 08/15/2049   200,000     188,000
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)
  6.125% 09/15/2024    75,000      75,918
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)
  5.750% 05/15/2026   250,000     253,435
Precision Drilling Corp. (Energy Equip. & Svs.)
  (a) 7.125% 01/15/2026   100,000     102,000
Precision Drilling Corp. (Energy Equip. & Svs.)
  (a) 6.875% 01/15/2029   175,000     177,625
Range Resources Corp. (Oil, Gas & Consumable Fuels)
  4.875% 05/15/2025    75,000      75,912
39
(continued)
Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Energy (continued)          
Range Resources Corp. (Oil, Gas & Consumable Fuels)
  8.250% 01/15/2029 $  200,000 $    219,182
Range Resources Corp. (Oil, Gas & Consumable Fuels)
  (a) 4.750% 02/15/2030   125,000     124,148
Rattler Midstream LP (Oil, Gas & Consumable Fuels)
  (a) 5.625% 07/15/2025   200,000     203,000
Rockcliff Energy II LLC (Oil, Gas & Consumable Fuels)
  (a) 5.500% 10/15/2029   325,000     325,301
Shelf Drilling Holdings Ltd. (Oil, Gas & Consumable Fuels)
  (a) 8.250% 02/15/2025   175,000     143,938
SM Energy Co. (Oil, Gas & Consumable Fuels)
  6.750% 09/15/2026   275,000     282,776
SM Energy Co. (Oil, Gas & Consumable Fuels)
  6.625% 01/15/2027    25,000      25,629
SM Energy Co. (Oil, Gas & Consumable Fuels)
  6.500% 07/15/2028    50,000      51,597
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)
  8.375% 09/15/2028   225,000     246,937
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)
  5.375% 03/15/2030    75,000      76,216
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)
  4.750% 02/01/2032    75,000      74,906
Tap Rock Resources LLC (Oil, Gas & Consumable Fuels)
  (a) 7.000% 10/01/2026   325,000     336,414
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)
  6.500% 07/15/2027    25,000      26,303
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)
  5.000% 01/15/2028   475,000     481,401
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)
  5.500% 03/01/2030   475,000     493,306
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)
  4.875% 02/01/2031    75,000      75,750
TransMontaigne Partners LP / TLP Finance Corp. (Oil, Gas & Consumable Fuels)
  6.125% 02/15/2026   225,000     222,343
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)
  6.875% 04/01/2026   925,000     933,325
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)
  6.875% 09/01/2027   150,000     150,576
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)
  4.000% 07/01/2022   100,000     100,000
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)
  4.650% 07/01/2026    50,000      51,250
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)
  4.500% 03/01/2028   175,000     178,500
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)
  4.750% 08/15/2028    75,000      77,410
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)
  5.450% 04/01/2044   175,000     177,408
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)
  5.300% 03/01/2048   500,000     495,000
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)
  5.500% 08/15/2048   100,000      98,750
           21,368,502
Financials–9.5%
 		         
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (Insurance)
  (a) 6.750% 10/15/2027   250,000     246,985
AmWINS Group, Inc. (Insurance)
  (a) 4.875% 06/30/2029   400,000     384,008
AssuredPartners, Inc. (Insurance)
  (a) 7.000% 08/15/2025   675,000     670,781
AssuredPartners, Inc. (Insurance)
  (a) 5.625% 01/15/2029   200,000     184,080
BroadStreet Partners, Inc. (Insurance)
  (a) 5.875% 04/15/2029   925,000     862,562
Ford Motor Credit Co. LLC (Consumer Finance)
  3.096% 05/04/2023   400,000     399,528
Ford Motor Credit Co. LLC (Consumer Finance)
  4.063% 11/01/2024   375,000     373,871
Ford Motor Credit Co. LLC (Consumer Finance)
  5.125% 06/16/2025   400,000     408,000
Ford Motor Credit Co. LLC (Consumer Finance)
  3.375% 11/13/2025   575,000     562,031
Ford Motor Credit Co. LLC (Consumer Finance)
  4.389% 01/08/2026   225,000     224,417
Ford Motor Credit Co. LLC (Consumer Finance)
  2.700% 08/10/2026   200,000     186,002
Ford Motor Credit Co. LLC (Consumer Finance)
  4.271% 01/09/2027   450,000     443,817
Ford Motor Credit Co. LLC (Consumer Finance)
  4.125% 08/17/2027   300,000     293,235
Ford Motor Credit Co. LLC (Consumer Finance)
  5.113% 05/03/2029   525,000     528,113
Ford Motor Credit Co. LLC (Consumer Finance)
  4.000% 11/13/2030   275,000     258,968
GTCR AP Finance, Inc. (Insurance)
  (a) 8.000% 05/15/2027   500,000     505,825
HUB International Ltd. (Insurance)
  (a) 7.000% 05/01/2026 2,000,000   2,023,110
HUB International Ltd. (Insurance)
  (a) 5.625% 12/01/2029   575,000     549,125
LD Holdings Group LLC (Thrifts & Mortgage Finance)
  (a) 6.125% 04/01/2028   325,000     287,554
Navient Corp. (Consumer Finance)
  6.750% 06/25/2025   175,000     179,782
Navient Corp. (Consumer Finance)
  6.750% 06/15/2026   125,000     127,500
Navient Corp. (Consumer Finance)
  5.500% 03/15/2029   350,000     325,938
NFP Corp. (Insurance)
  (a) 6.875% 08/15/2028 1,300,000   1,241,500
Outfront Media Capital LLC / Outfront Media Capital Corp. (Media)
  (a) 4.250% 01/15/2029   100,000      93,025
Outfront Media Capital LLC / Outfront Media Capital Corp. (Media)
  (a) 4.625% 03/15/2030   225,000     211,781
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Thrifts & Mortgage Finance)
  (a) 3.625% 03/01/2029   200,000     182,770
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Thrifts & Mortgage Finance)
  (a) 3.875% 03/01/2031   350,000     316,750
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Thrifts & Mortgage Finance)
  (a) 4.000% 10/15/2033   450,000     394,155
Ryan Specialty Group LLC (Insurance)
  (a) 4.375% 02/01/2030   275,000     259,875
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance)
  (a) 5.500% 11/15/2025   700,000     679,000
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance)
  (a) 5.750% 06/15/2027   175,000     162,392
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance)
  (a) 5.500% 04/15/2029   225,000     200,480
USI, Inc. (Insurance)
  (a) 6.875% 05/01/2025 1,050,000   1,053,475
           14,820,435
Health Care–12.1%
 		         
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)
  (a) 5.500% 07/01/2028    25,000      25,125
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)
  (a) 5.000% 04/15/2029    25,000      24,681
AdaptHealth LLC (Health Care Providers & Svs.)
  (a) 4.625% 08/01/2029   250,000     228,130
AdaptHealth LLC (Health Care Providers & Svs.)
  (a) 5.125% 03/01/2030   325,000     301,844
AHP Health Partners, Inc. (Health Care Providers & Svs.)
  (a) 5.750% 07/15/2029   350,000     325,500
Avantor Funding, Inc. (Health Care Equip. & Supplies)
  (a) 4.625% 07/15/2028   600,000     593,400
Avantor Funding, Inc. (Health Care Equip. & Supplies)
  (a) 3.875% 11/01/2029   300,000     282,000
Bausch Health Americas, Inc. (Pharmaceuticals)
  (a) 8.500% 01/31/2027   525,000     523,567
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 6.125% 04/15/2025   857,000     864,499
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 5.500% 11/01/2025   100,000      99,125
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 9.000% 12/15/2025   425,000     440,332
40
(continued)
Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Health Care (continued)
 		         
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 6.125% 02/01/2027 $  275,000 $    276,743
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 5.000% 02/15/2029   175,000     136,326
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 6.250% 02/15/2029   175,000     143,500
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 7.250% 05/30/2029   575,000     490,435
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 5.250% 01/30/2030   375,000     294,577
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 5.250% 02/15/2031   225,000     175,131
Catalent Pharma Solutions, Inc. (Pharmaceuticals)
  (a) 3.500% 04/01/2030   150,000     136,875
Centene Corp. (Health Care Providers & Svs.)
  4.250% 12/15/2027   800,000     803,000
Centene Corp. (Health Care Providers & Svs.)
  4.625% 12/15/2029   425,000     428,438
Centene Corp. (Health Care Providers & Svs.)
  3.375% 02/15/2030    50,000      47,047
Centene Corp. (Health Care Providers & Svs.)
  2.625% 08/01/2031   200,000     178,000
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)
  (a) 3.750% 03/15/2029   100,000      94,318
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)
  (a) 4.000% 03/15/2031   125,000     117,344
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)
  (a) 8.000% 03/15/2026   350,000     364,497
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)
  (a) 5.625% 03/15/2027   150,000     152,765
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)
  (a) 6.000% 01/15/2029    50,000      50,522
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)
  (a) 6.875% 04/15/2029   500,000     491,250
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)
  (a) 6.125% 04/01/2030   150,000     139,571
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)
  (a) 5.250% 05/15/2030   225,000     215,953
DaVita, Inc. (Health Care Providers & Svs.)
  (a) 4.625% 06/01/2030   200,000     186,760
Embecta Corp. (Health Care Equip. & Supplies)
  (a) 5.000% 02/15/2030   100,000      94,321
Embecta Corp. (Health Care Equip. & Supplies)
  (a) 6.750% 02/15/2030   175,000     175,438
Global Medical Response, Inc. (Health Care Providers & Svs.)
  (a) 6.500% 10/01/2025   675,000     669,937
Grifols Escrow Issuer SA (Biotechnology)
  (a) 4.750% 10/15/2028   200,000     188,250
HCA, Inc. (Health Care Providers & Svs.)
  5.375% 02/01/2025   900,000     936,450
HCA, Inc. (Health Care Providers & Svs.)
  5.875% 02/15/2026   100,000     106,351
HCA, Inc. (Health Care Providers & Svs.)
  3.500% 09/01/2030   375,000     362,274
HealthEquity, Inc. (Health Care Providers & Svs.)
  (a) 4.500% 10/01/2029   375,000     355,312
IQVIA, Inc. (Life Sciences Tools & Svs.)
  (a) 5.000% 10/15/2026   300,000     305,250
Legacy LifePoint Health LLC (Health Care Providers & Svs.)
  (a) 6.750% 04/15/2025   250,000     258,307
Legacy LifePoint Health LLC (Health Care Providers & Svs.)
  (a) 4.375% 02/15/2027   125,000     120,762
LifePoint Health, Inc. (Health Care Providers & Svs.)
  (a) 5.375% 01/15/2029    25,000      23,622
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Acquired 10/04/2016 through 07/09/2018, Cost $1,210,062) (Pharmaceuticals)
(a)(c)(d) 5.625% 10/15/2023 1,275,000     624,750
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Acquired 05/05/2016 through 09/24/2018, Cost $354,937) (Pharmaceuticals)
(a)(c)(d) 5.500% 04/15/2025   400,000     195,000
MEDNAX, Inc. (Health Care Providers & Svs.)
  (a) 5.375% 02/15/2030   225,000     217,125
Mozart Debt Merger Sub, Inc. (Health Care Equip. & Supplies)
  (a) 3.875% 04/01/2029   325,000     300,625
Mozart Debt Merger Sub, Inc. (Health Care Equip. & Supplies)
  (a) 5.250% 10/01/2029   775,000     720,494
MPH Acquisition Holdings LLC (Health Care Providers & Svs.)
  (a) 5.500% 09/01/2028   200,000     191,723
MPH Acquisition Holdings LLC (Health Care Providers & Svs.)
  (a) 5.750% 11/01/2028   925,000     835,210
Organon & Co. / Organon Foreign Debt Co-Issuer B.V. (Pharmaceuticals)
  (a) 5.125% 04/30/2031   450,000     434,250
Prestige Brands, Inc. (Pharmaceuticals)
  (a) 3.750% 04/01/2031   175,000     156,188
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. (Health Care Providers & Svs.)
  (a) 9.750% 12/01/2026   750,000     784,537
Syneos Health, Inc. (Life Sciences Tools & Svs.)
  (a) 3.625% 01/15/2029   175,000     161,656
Team Health Holdings, Inc. (Health Care Providers & Svs.)
  (a) 6.375% 02/01/2025   300,000     269,250
Tenet Healthcare Corp. (Health Care Providers & Svs.)
  6.750% 06/15/2023   300,000     312,444
Tenet Healthcare Corp. (Health Care Providers & Svs.)
  4.625% 07/15/2024    51,000      51,219
Tenet Healthcare Corp. (Health Care Providers & Svs.)
  (a) 4.875% 01/01/2026   300,000     302,625
Tenet Healthcare Corp. (Health Care Providers & Svs.)
  (a) 6.250% 02/01/2027   125,000     128,324
Tenet Healthcare Corp. (Health Care Providers & Svs.)
  (a) 5.125% 11/01/2027   425,000     427,000
Tenet Healthcare Corp. (Health Care Providers & Svs.)
  (a) 6.125% 10/01/2028   300,000     304,875
Tenet Healthcare Corp. (Health Care Providers & Svs.)
  (a) 4.250% 06/01/2029   150,000     143,813
Vizient, Inc. (Health Care Providers & Svs.)
  (a) 6.250% 05/15/2027   150,000     154,500
           18,943,137
Industrials–10.1%
 		         
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)
  (a) 6.625% 07/15/2026   200,000     202,366
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)
  (a) 9.750% 07/15/2027 1,300,000   1,343,706
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)
  (a) 6.000% 06/01/2029   200,000     176,433
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Airlines)
  (a) 5.500% 04/20/2026   450,000     453,375
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Airlines)
  (a) 5.750% 04/20/2029   350,000     348,688
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)
  (a) 4.000% 01/15/2028    50,000      48,035
BCPE Empire Holdings, Inc. (Commercial Svs. & Supplies)
  (a) 7.625% 05/01/2027   850,000     800,870
Brink's Co. / The (Commercial Svs. & Supplies)
  (a) 5.500% 07/15/2025    75,000      75,587
Clarivate Science Holdings Corp. (Professional Svs.)
  (a) 3.875% 07/01/2028    75,000      71,533
Clarivate Science Holdings Corp. (Professional Svs.)
  (a) 4.875% 07/01/2029   400,000     376,324
Cornerstone Building Brands, Inc. (Building Products)
  (a) 6.125% 01/15/2029   200,000     185,610
CP Atlas Buyer, Inc. (Building Products)
  (a) 7.000% 12/01/2028   825,000     703,428
Dun & Bradstreet Corp. / The (Professional Svs.)
  (a) 5.000% 12/15/2029   100,000      94,000
Foundation Building Materials, Inc. (Trading Companies & Distributors)
  (a) 6.000% 03/01/2029   600,000     540,000
Garda World Security Corp. (Commercial Svs. & Supplies)
  (a) 4.625% 02/15/2027   175,000     167,729
Garda World Security Corp. (Commercial Svs. & Supplies)
  (a) 6.000% 06/01/2029   300,000     269,480
GYP Holdings III Corp. (Building Products)
  (a) 4.625% 05/01/2029   325,000     300,953
H&E Equipment Services, Inc. (Trading Companies & Distributors)
  (a) 3.875% 12/15/2028   300,000     281,250
Interface, Inc. (Commercial Svs. & Supplies)
  (a) 5.500% 12/01/2028   125,000     121,406
KAR Auction Services, Inc. (Commercial Svs. & Supplies)
  (a) 5.125% 06/01/2025   375,000     379,687
Madison IAQ LLC (Commercial Svs. & Supplies)
  (a) 4.125% 06/30/2028    50,000      46,082
Madison IAQ LLC (Commercial Svs. & Supplies)
  (a) 5.875% 06/30/2029   700,000     628,250
41
(continued)
Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Industrials (continued)          
MIWD Holdco II LLC / MIWD Finance Corp. (Building Products)
  (a) 5.500% 02/01/2030 $   75,000 $     70,031
Nielsen Co. Luxembourg SARL / The (Professional Svs.)
  (a) 5.000% 02/01/2025   150,000     150,750
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)
  (a) 5.625% 10/01/2028   100,000     100,720
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)
  (a) 4.500% 07/15/2029   100,000      99,750
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)
  (a) 5.875% 10/01/2030   500,000     501,250
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)
  (a) 4.750% 07/15/2031   175,000     174,781
Redwood Star Merger Sub, Inc. (Machinery)
  (a) 8.750% 04/01/2030   475,000     454,812
Ritchie Bros Holdings, Inc. (Commercial Svs. & Supplies)
  (a) 4.750% 12/15/2031    75,000      73,125
Sensata Technologies, Inc. (Electrical Equip.)
  (a) 4.375% 02/15/2030   125,000     119,543
Sensata Technologies, Inc. (Electrical Equip.)
  (a) 3.750% 02/15/2031    25,000      23,125
Solaris Midstream Holdings LLC (Commercial Svs. & Supplies)
  (a) 7.625% 04/01/2026   400,000     413,000
Stena International SA (Transportation Infrastructure)
  (a) 6.125% 02/01/2025   300,000     300,000
TK Elevator Holdco GmbH (Building Products)
  (a) 7.625% 07/15/2028   269,000     266,646
TK Elevator U.S. Newco, Inc. (Building Products)
  (a) 5.250% 07/15/2027   325,000     321,435
TransDigm U.K. Holdings PLC (Aerospace & Defense)
  6.875% 05/15/2026   275,000     280,060
TransDigm, Inc. (Aerospace & Defense)
  (a) 6.250% 03/15/2026   625,000     641,650
TransDigm, Inc. (Aerospace & Defense)
  6.375% 06/15/2026   550,000     554,964
TransDigm, Inc. (Aerospace & Defense)
  5.500% 11/15/2027   150,000     148,875
TransDigm, Inc. (Aerospace & Defense)
  4.625% 01/15/2029   125,000     116,871
TransDigm, Inc. (Aerospace & Defense)
  4.875% 05/01/2029   425,000     398,340
Trident TPI Holdings, Inc. (Machinery)
  (a) 9.250% 08/01/2024   175,000     175,875
Trident TPI Holdings, Inc. (Machinery)
  (a) 6.625% 11/01/2025   700,000     686,000
United Rentals North America, Inc. (Trading Companies & Distributors)
  5.500% 05/15/2027    50,000      51,715
United Rentals North America, Inc. (Trading Companies & Distributors)
  4.875% 01/15/2028   325,000     330,133
United Rentals North America, Inc. (Trading Companies & Distributors)
  5.250% 01/15/2030   100,000     103,125
United Rentals North America, Inc. (Trading Companies & Distributors)
  3.875% 02/15/2031    50,000      47,125
United Rentals North America, Inc. (Trading Companies & Distributors)
  3.750% 01/15/2032   150,000     139,875
Watco Cos. LLC / Watco Finance Corp. (Road & Rail)
  (a) 6.500% 06/15/2027   400,000     393,268
WESCO Distribution, Inc. (Trading Companies & Distributors)
  (a) 7.125% 06/15/2025   100,000     104,032
WESCO Distribution, Inc. (Trading Companies & Distributors)
  (a) 7.250% 06/15/2028   225,000     238,980
White Cap Buyer LLC (Building Products)
  (a) 6.875% 10/15/2028   425,000     402,726
White Cap Parent LLC (Building Products)
 (a)(b) 8.250%, 9.000% PIK 03/15/2026   325,000     319,313
           15,816,687
Information Technology–5.2%
 		         
Black Knight InfoServ LLC (IT Svs.)
  (a) 3.625% 09/01/2028   275,000     260,617
Booz Allen Hamilton, Inc. (IT Svs.)
  (a) 3.875% 09/01/2028    75,000      72,397
Booz Allen Hamilton, Inc. (IT Svs.)
  (a) 4.000% 07/01/2029    50,000      48,822
Boxer Parent Co., Inc. (Software)
  (a) 9.125% 03/01/2026    75,000      77,250
Ciena Corp. (Communications Equip.)
  (a) 4.000% 01/31/2030    75,000      72,188
Condor Merger Sub, Inc. (Software)
  (a) 7.375% 02/15/2030   875,000     839,335
Diebold Nixdorf, Inc. (Tech. Hardware, Storage & Periph.)
  (a) 9.375% 07/15/2025    50,000      50,794
Elastic N.V. (Software)
  (a) 4.125% 07/15/2029   425,000     395,233
Fair Isaac Corp. (Software)
  (a) 4.000% 06/15/2028   125,000     121,015
Gartner, Inc. (IT Svs.)
  (a) 4.500% 07/01/2028    50,000      49,812
Gartner, Inc. (IT Svs.)
  (a) 3.750% 10/01/2030   125,000     117,344
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (IT Svs.)
  (a) 5.250% 12/01/2027   350,000     351,594
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL (Software)
  (a) 4.625% 05/01/2028   375,000     344,554
II-VI, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 5.000% 12/15/2029   175,000     171,062
LogMeIn, Inc. (Software)
  (a) 5.500% 09/01/2027   425,000     396,678
Minerva Merger Sub, Inc. (Software)
  (a) 6.500% 02/15/2030   825,000     800,353
NCR Corp. (Tech. Hardware, Storage & Periph.)
  (a) 5.000% 10/01/2028   225,000     215,437
NCR Corp. (Tech. Hardware, Storage & Periph.)
  (a) 5.125% 04/15/2029    50,000      48,067
NCR Corp. (Tech. Hardware, Storage & Periph.)
  (a) 6.125% 09/01/2029    50,000      50,125
NCR Corp. (Tech. Hardware, Storage & Periph.)
  (a) 5.250% 10/01/2030   350,000     331,786
Open Text Corp. (Software)
  (a) 3.875% 12/01/2029   350,000     332,500
PTC, Inc. (Software)
  (a) 3.625% 02/15/2025    25,000      24,719
Rocket Software, Inc. (Software)
  (a) 6.500% 02/15/2029   625,000     567,187
Science Applications International Corp. (IT Svs.)
  (a) 4.875% 04/01/2028    75,000      73,901
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)
  3.125% 07/15/2029   300,000     269,250
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)
  3.375% 07/15/2031   250,000     222,279
SS&C Technologies, Inc. (Software)
  (a) 5.500% 09/30/2027   600,000     604,509
Synaptics, Inc. (Semiconductors & Equip.)
  (a) 4.000% 06/15/2029   125,000     117,812
TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 4.000% 03/01/2029   450,000     416,250
Veritas U.S., Inc. / Veritas Bermuda Ltd. (Software)
  (a) 7.500% 09/01/2025   625,000     592,941
Viavi Solutions, Inc. (Communications Equip.)
  (a) 3.750% 10/01/2029    75,000      70,382
            8,106,193
Materials–11.1%
 		         
ARD Finance SA (Containers & Packaging)
 (a)(b) 6.500%, 7.250% PIK 06/30/2027   653,176     597,248
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance PLC (Containers & Packaging)
  (a) 4.000% 09/01/2029   475,000     428,046
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)
  (a) 5.250% 08/15/2027   600,000     554,625
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)
  (a) 5.250% 08/15/2027   275,000     254,203
Axalta Coating Systems LLC (Chemicals)
  (a) 3.375% 02/15/2029   150,000     131,880
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B B.V. (Chemicals)
  (a) 4.750% 06/15/2027   150,000     144,307
Ball Corp. (Containers & Packaging)
  2.875% 08/15/2030   325,000     291,377
Berry Global, Inc. (Containers & Packaging)
  (a) 5.625% 07/15/2027   275,000     278,119
Clearwater Paper Corp. (Paper & Forest Products)
  (a) 5.375% 02/01/2025   575,000     581,469
Cleveland-Cliffs, Inc. (Metals & Mining)
  (a) 4.625% 03/01/2029   400,000     394,518
42
(continued)
Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Materials (continued)          
Cleveland-Cliffs, Inc. (Metals & Mining)
  (a) 4.875% 03/01/2031 $  475,000 $    469,656
Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)
  (a) 8.750% 04/15/2030 1,250,000   1,176,562
Coeur Mining, Inc. (Metals & Mining)
  (a) 5.125% 02/15/2029   325,000     282,165
Compass Minerals International, Inc. (Metals & Mining)
  (a) 4.875% 07/15/2024   750,000     741,562
Compass Minerals International, Inc. (Metals & Mining)
  (a) 6.750% 12/01/2027    50,000      50,630
Crown Americas LLC / Crown Americas Capital Corp. VI (Containers & Packaging)
  4.750% 02/01/2026   275,000     277,937
Diamond B.C. B.V. (Chemicals)
  (a) 4.625% 10/01/2029   375,000     336,563
Element Solutions, Inc. (Chemicals)
  (a) 3.875% 09/01/2028   300,000     280,125
Flex Acquisition Co., Inc. (Containers & Packaging)
  (a) 6.875% 01/15/2025   850,000     852,226
Flex Acquisition Co., Inc. (Containers & Packaging)
  (a) 7.875% 07/15/2026   475,000     491,625
Freeport-McMoRan, Inc. (Metals & Mining)
  5.000% 09/01/2027   175,000     179,678
Freeport-McMoRan, Inc. (Metals & Mining)
  4.625% 08/01/2030   150,000     153,375
Graphic Packaging International LLC (Containers & Packaging)
  (a) 4.750% 07/15/2027   150,000     151,500
Graphic Packaging International LLC (Containers & Packaging)
  (a) 3.500% 03/15/2028   100,000      94,000
Graphic Packaging International LLC (Containers & Packaging)
  (a) 3.500% 03/01/2029   100,000      92,000
Graphic Packaging International LLC (Containers & Packaging)
  (a) 3.750% 02/01/2030    25,000      22,875
H.B. Fuller Co. (Chemicals)
  4.250% 10/15/2028   125,000     117,025
Herens Holdco SARL (Chemicals)
  (a) 4.750% 05/15/2028   500,000     448,365
Hexion, Inc. (Chemicals)
  (a) 7.875% 07/15/2027   525,000     553,717
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. (Chemicals)
  (a) 9.000% 07/01/2028   150,000     151,875
Koppers, Inc. (Chemicals)
  (a) 6.000% 02/15/2025   900,000     882,000
Mauser Packaging Solutions Holding Co. (Containers & Packaging)
  (a) 5.500% 04/15/2024   300,000     298,808
Mauser Packaging Solutions Holding Co. (Containers & Packaging)
  (a) 7.250% 04/15/2025   225,000     223,000
OI European Group B.V. (Containers & Packaging)
  (a) 4.750% 02/15/2030   300,000     278,760
Olympus Water U.S. Holding Corp. (Chemicals)
  (a) 4.250% 10/01/2028   200,000     181,637
Olympus Water U.S. Holding Corp. (Chemicals)
  (a) 6.250% 10/01/2029   400,000     354,000
Owens-Brockway Glass Container, Inc. (Containers & Packaging)
  (a) 5.375% 01/15/2025   175,000     174,125
Owens-Brockway Glass Container, Inc. (Containers & Packaging)
  (a) 6.375% 08/15/2025   475,000     482,574
Owens-Brockway Glass Container, Inc. (Containers & Packaging)
  (a) 6.625% 05/13/2027    38,000      37,620
Polar U.S. Borrower LLC / Schenectady International Group, Inc. (Chemicals)
  (a) 6.750% 05/15/2026   500,000     426,250
Sealed Air Corp. (Containers & Packaging)
  (a) 4.000% 12/01/2027   175,000     170,625
SPCM SA (Chemicals)
  (a) 3.375% 03/15/2030   200,000     175,580
SRS Distribution, Inc. (Construction Materials)
  (a) 6.125% 07/01/2029   200,000     184,500
SRS Distribution, Inc. (Construction Materials)
  (a) 6.000% 12/01/2029   425,000     393,125
Standard Industries, Inc. (Construction Materials)
  (a) 5.000% 02/15/2027 1,250,000   1,239,100
Standard Industries, Inc. (Construction Materials)
  (a) 4.750% 01/15/2028    25,000      23,906
Trivium Packaging Finance B.V. (Containers & Packaging)
  (a) 5.500% 08/15/2026   200,000     199,176
Trivium Packaging Finance B.V. (Containers & Packaging)
  (a) 8.500% 08/15/2027   675,000     671,625
W.R. Grace Holdings LLC (Chemicals)
  (a) 4.875% 06/15/2027   125,000     122,306
W.R. Grace Holdings LLC (Chemicals)
  (a) 5.625% 08/15/2029   250,000     233,775
           17,331,745
Real Estate–0.4%
 		         
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)
  (a) 3.500% 02/15/2025    25,000      24,631
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)
  (a) 4.250% 12/01/2026   225,000     224,055
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)
  (a) 4.625% 12/01/2029   275,000     274,313
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)
  (a) 4.125% 08/15/2030   100,000      96,536
              619,535
Utilities–2.8%
 		         
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)
  5.875% 08/20/2026   425,000     423,699
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)
  5.750% 05/20/2027   100,000      99,625
Calpine Corp. (Ind. Power & Renewable Elec.)
  (a) 5.250% 06/01/2026    50,000      50,250
Calpine Corp. (Ind. Power & Renewable Elec.)
  (a) 4.500% 02/15/2028   425,000     414,579
Calpine Corp. (Ind. Power & Renewable Elec.)
  (a) 4.625% 02/01/2029   150,000     138,000
Calpine Corp. (Ind. Power & Renewable Elec.)
  (a) 5.000% 02/01/2031   100,000      91,000
Calpine Corp. (Ind. Power & Renewable Elec.)
  (a) 3.750% 03/01/2031   300,000     268,555
NRG Energy, Inc. (Electric Utilities)
  6.625% 01/15/2027    76,000      78,320
NRG Energy, Inc. (Electric Utilities)
  (a) 3.375% 02/15/2029    25,000      22,223
NRG Energy, Inc. (Electric Utilities)
  (a) 3.625% 02/15/2031    25,000      21,990
NRG Energy, Inc. (Electric Utilities)
  (a) 3.875% 02/15/2032   775,000     682,000
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)
  5.875% 03/01/2027   600,000     608,250
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)
  (a) 5.000% 06/01/2031   125,000     117,188
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)
  (a) 5.000% 01/31/2028   750,000     746,812
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)
  (a) 5.500% 09/01/2026   225,000     226,231
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)
  (a) 5.000% 07/31/2027   375,000     368,929
            4,357,651
Total Corporate Bonds (Cost $157,476,101)
        $152,366,114
    
Common Stocks–0.2% Shares Value
Communication Services–0.2%
 		     
iHeartMedia, Inc. Class A (Media)
  (d) 7,387 $    139,836
Intelsat Emergence SA (Diversified Telecom. Svs.)
  (d) 4,375     130,156
Total Common Stocks (Cost $574,107)
        $269,992
    
43
(continued)
Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Warrants–0.0% Expiration Strike Price Quantity Value
Energy–0.0%
 		         
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)
  02/09/2026 $     26.43 226 $     14,471
Total Warrants (Cost $20,733)
             $14,471
    
Rights–0.0% Quantity Value
Communication Services–0.0%
 		     
Intelsat Jackson Holdings SA (Diversified Telecom. Svs.)
  (d) 591 $          0
Total Rights (Cost $0)
              $0
    
Money Market Funds–2.3% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (e) 3,638,614 $  3,638,250
Total Money Market Funds (Cost $3,637,975)
      $3,638,250
Total Investments – 100.1% (Cost $161,708,916)
  (f)   $156,288,827
Liabilities in Excess of Other Assets – (0.1)%     (171,129)
Net Assets – 100.0%     $156,117,698
    
Percentages are stated as a percent of net assets.
    
Abbreviations:  
PIK: Payment-in-Kind
    
Footnotes:  
(a) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At March 31, 2022, the value of these securities totaled $125,080,372, or 80.1% of the Portfolio’s net assets.
(b) Issuer of the security has the option to make coupon payments in cash or in additional par value of this bond (Payment-in-Kind).
(c) Represents a security that is in default and deemed to be non-income producing.
(d) Non-income producing security.
(e) Rate represents the seven-day yield at March 31, 2022.
(f) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
44
Ohio National Fund, Inc. ON Nasdaq-100® Index Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–99.3% Shares Value
Communication Services–17.6%
 		     
Activision Blizzard, Inc. (Entertainment)
  17,819 $  1,427,480
Alphabet, Inc. Class A (Interactive Media & Svs.)
  (a) 4,145  11,528,696
Alphabet, Inc. Class C (Interactive Media & Svs.)
  (a) 4,351  12,152,299
Baidu, Inc. – ADR (Interactive Media & Svs.)
  (a) 5,534     732,148
Booking Holdings, Inc. (Internet & Direct Marketing Retail)
  (a) 935   2,195,801
Charter Communications, Inc. Class A (Media)
  (a) 3,950   2,154,804
Comcast Corp. Class A (Media)
  103,451   4,843,576
Electronic Arts, Inc. (Entertainment)
  6,426     812,953
Match Group, Inc. (Interactive Media & Svs.)
  (a) 6,519     708,876
Meta Platforms, Inc. Class A (Interactive Media & Svs.)
  (a) 47,658  10,597,233
NetEase, Inc. – ADR (Entertainment)
  4,790     429,615
Netflix, Inc. (Entertainment)
  (a) 10,152   3,802,838
Sirius XM Holdings, Inc. (Media)
  90,281     597,660
T-Mobile U.S., Inc. (Wireless Telecom. Svs.)
  (a) 28,568   3,666,703
       55,650,682
Consumer Discretionary–16.2%
 		     
Airbnb, Inc. Class A (Hotels, Restaurants & Leisure)
  (a) 8,488   1,457,899
Amazon.com, Inc. (Internet & Direct Marketing Retail)
  (a) 7,014  22,865,289
Dollar Tree, Inc. (Multiline Retail)
  (a) 5,145     823,972
eBay, Inc. (Internet & Direct Marketing Retail)
  13,435     769,288
JD.com, Inc. – ADR (Internet & Direct Marketing Retail)
  (a) 13,639     789,289
Lucid Group, Inc. (Automobiles)
  (a) 37,806     960,272
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)
  (a) 2,823   1,031,044
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)
  (a) 7,463   1,311,622
MercadoLibre, Inc. (Internet & Direct Marketing Retail)
  (a) 1,153   1,371,471
O'Reilly Automotive, Inc. (Specialty Retail)
  (a) 1,523   1,043,194
Pinduoduo, Inc. – ADR (Internet & Direct Marketing Retail)
  (a) 10,119     405,873
Ross Stores, Inc. (Specialty Retail)
  8,071     730,103
Starbucks Corp. (Hotels, Restaurants & Leisure)
  26,306   2,393,057
Tesla, Inc. (Automobiles)
  (a) 14,246  15,351,490
       51,303,863
Consumer Staples–5.5%
 		     
Costco Wholesale Corp. (Food & Staples Retailing)
  10,141   5,839,695
Keurig Dr Pepper, Inc. (Beverages)
  32,429   1,229,059
Kraft Heinz Co. / The (Food Products)
  27,985   1,102,329
Mondelez International, Inc. Class A (Food Products)
  31,748   1,993,139
Monster Beverage Corp. (Beverages)
  (a) 12,105     967,190
PepsiCo, Inc. (Beverages)
  31,639   5,295,736
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)
  19,735     883,536
       17,310,684
Health Care–5.8%
 		     
Align Technology, Inc. (Health Care Equip. & Supplies)
  (a) 1,803     786,108
Amgen, Inc. (Biotechnology)
  12,738   3,080,303
AstraZeneca PLC – ADR (Pharmaceuticals)
  13,044     865,339
Biogen, Inc. (Biotechnology)
  (a) 3,360     707,616
Dexcom, Inc. (Health Care Equip. & Supplies)
  (a) 2,219   1,135,240
Gilead Sciences, Inc. (Biotechnology)
  28,673   1,704,610
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)
  (a) 1,926   1,053,638
Illumina, Inc. (Life Sciences Tools & Svs.)
  (a) 3,590   1,254,346
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)
  (a) 8,180   2,467,743
Moderna, Inc. (Biotechnology)
  (a) 9,213   1,587,031
Regeneron Pharmaceuticals, Inc. (Biotechnology)
  (a) 2,440   1,704,145
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
Seagen, Inc. (Biotechnology)
  (a) 4,206 $    605,874
Vertex Pharmaceuticals, Inc. (Biotechnology)
  (a) 5,821   1,519,106
       18,471,099
Industrials–3.1%
 		     
Cintas Corp. (Commercial Svs. & Supplies)
  2,372   1,009,025
Copart, Inc. (Commercial Svs. & Supplies)
  (a) 5,424     680,549
CSX Corp. (Road & Rail)
  50,155   1,878,305
Fastenal Co. (Trading Companies & Distributors)
  13,163     781,882
Honeywell International, Inc. (Industrial Conglomerates)
  15,684   3,051,793
Old Dominion Freight Line, Inc. (Road & Rail)
  2,630     785,528
PACCAR, Inc. (Machinery)
  7,949     700,068
Verisk Analytics, Inc. (Professional Svs.)
  3,688     791,556
        9,678,706
Information Technology–50.0%
 		     
Adobe, Inc. (Software)
  (a) 10,801   4,921,152
Advanced Micro Devices, Inc. (Semiconductors & Equip.)
  (a) 37,214   4,068,979
Analog Devices, Inc. (Semiconductors & Equip.)
  11,967   1,976,709
ANSYS, Inc. (Software)
  (a) 1,994     633,394
Apple, Inc. (Tech. Hardware, Storage & Periph.)
  224,943  39,277,297
Applied Materials, Inc. (Semiconductors & Equip.)
  20,201   2,662,492
ASML Holding N.V. (Semiconductors & Equip.)
  1,896   1,266,395
Atlassian Corp. PLC Class A (Software)
  (a) 3,228     948,483
Autodesk, Inc. (Software)
  (a) 5,030   1,078,181
Automatic Data Processing, Inc. (IT Svs.)
  9,606   2,185,749
Broadcom, Inc. (Semiconductors & Equip.)
  9,367   5,898,213
Cadence Design Systems, Inc. (Software)
  (a) 6,341   1,042,841
Cisco Systems, Inc. (Communications Equip.)
  94,998   5,297,088
Cognizant Technology Solutions Corp. Class A (IT Svs.)
  12,005   1,076,488
Crowdstrike Holdings, Inc. Class A (Software)
  (a) 4,761   1,081,128
Datadog, Inc. Class A (Software)
  (a) 6,043     915,333
DocuSign, Inc. (Software)
  (a) 4,531     485,361
Fiserv, Inc. (IT Svs.)
  (a) 14,913   1,512,178
Fortinet, Inc. (Software)
  (a) 3,677   1,256,578
Intel Corp. (Semiconductors & Equip.)
  93,120   4,615,027
Intuit, Inc. (Software)
  6,475   3,113,439
KLA Corp. (Semiconductors & Equip.)
  3,446   1,261,443
Lam Research Corp. (Semiconductors & Equip.)
  3,190   1,714,976
Marvell Technology, Inc. (Semiconductors & Equip.)
  19,295   1,383,644
Microchip Technology, Inc. (Semiconductors & Equip.)
  12,714     955,330
Micron Technology, Inc. (Semiconductors & Equip.)
  25,607   1,994,529
Microsoft Corp. (Software)
  103,335  31,859,214
NVIDIA Corp. (Semiconductors & Equip.)
  48,495  13,232,346
NXP Semiconductors N.V. (Semiconductors & Equip.)
  6,004   1,111,220
Okta, Inc. (IT Svs.)
  (a) 3,396     512,660
Palo Alto Networks, Inc. (Software)
  (a) 2,253   1,402,515
Paychex, Inc. (IT Svs.)
  8,249   1,125,741
PayPal Holdings, Inc. (IT Svs.)
  (a) 26,640   3,080,916
QUALCOMM, Inc. (Semiconductors & Equip.)
  25,772   3,938,477
Skyworks Solutions, Inc. (Semiconductors & Equip.)
  3,751     499,933
Splunk, Inc. (Software)
  (a) 3,630     539,454
Synopsys, Inc. (Software)
  (a) 3,500   1,166,445
Texas Instruments, Inc. (Semiconductors & Equip.)
  21,120   3,875,098
VeriSign, Inc. (IT Svs.)
  (a) 2,519     560,377
Workday, Inc. Class A (Software)
  (a) 4,482   1,073,260
Zoom Video Communications, Inc. Class A (Software)
  (a) 5,544     649,923
Zscaler, Inc. (Software)
  (a) 3,204     773,061
      158,023,067
 
45
(continued)
Ohio National Fund, Inc. ON Nasdaq-100® Index Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Utilities–1.1%
 		     
American Electric Power Co., Inc. (Electric Utilities)
  11,530 $  1,150,348
Constellation Energy Corp. (Electric Utilities)
  7,470     420,188
Exelon Corp. (Electric Utilities)
  22,413   1,067,531
Xcel Energy, Inc. (Electric Utilities)
  12,442     897,939
        3,536,006
Total Common Stocks (Cost $178,922,836)
    $313,974,107
    
U.S. Treasury Obligations–0.1% Rate Maturity Face Amount Value
U.S. Treasury Bill   (b) 0.000% 01/26/2023 $  100,000 $     98,872
Total U.S. Treasury Obligations (Cost $98,988)
     $98,872
Money Market Funds–0.6% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (c) 1,881,486 $  1,881,298
Total Money Market Funds (Cost $1,881,218)
      $1,881,298
Total Investments – 100.0% (Cost $180,903,042)
  (d)   $315,954,277
Other Assets in Excess of Liabilities – 0.0%
  (b)   145,372
Net Assets – 100.0%     $316,099,649
    
 
Percentages are stated as a percent of net assets.
    
Abbreviations:  
ADR: American Depositary Receipts
    
Footnotes:  
(a) Non-income producing security.
(b) Security is fully pledged, in addition to $4,079 of the Portfolio’s cash holdings, as collateral for the futures contracts outstanding at March 31, 2022. See also the following Schedule of Open Futures Contracts.
(c) Rate represents the seven-day yield at March 31, 2022.
(d) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
 Schedule of Open Futures Contracts March 31, 2022 (Unaudited) 
    
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
CME E-mini Nasdaq-100 Index - Long   6   June 17, 2022   $1,570,167   $1,784,251   $214,084   $(59,966)
The accompanying notes are an integral part of these financial statements.
46
Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Core Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–99.0% Shares Value
Communication Services–8.8%
 		     
Alphabet, Inc. Class A (Interactive Media & Svs.)
  (a) 3,913 $ 10,883,423
Alphabet, Inc. Class C (Interactive Media & Svs.)
  (a) 2,877    8,035,432
Altice U.S.A., Inc. Class A (Media)
  (a) 16,935      211,349
AT&T, Inc. (Diversified Telecom. Svs.)
  51,749    1,222,829
Charter Communications, Inc. Class A (Media)
  (a) 2,326    1,268,879
Comcast Corp. Class A (Media)
  108,221    5,066,907
Discovery, Inc. Class C (Media)
  (a) 3,156       78,805
Fox Corp. Class A (Media)
  75,082    2,961,985
Fox Corp. Class B (Media)
  1,656       60,080
Meta Platforms, Inc. Class A (Interactive Media & Svs.)
  (a) 20,974    4,663,779
Spotify Technology SA (Entertainment)
  (a) 2,212      334,056
United States Cellular Corp. (Wireless Telecom. Svs.)
  (a) 5,001     151,180
       34,938,704
Consumer Discretionary–11.4%
 		     
Amazon.com, Inc. (Internet & Direct Marketing Retail)
  (a) 4,728   15,413,044
Best Buy Co., Inc. (Specialty Retail)
  2,176      197,798
BorgWarner, Inc. (Auto Components)
  14,407      560,432
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)
  823      116,669
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)
  186       75,704
Etsy, Inc. (Internet & Direct Marketing Retail)
  (a) 900      111,852
Expedia Group, Inc. (Hotels, Restaurants & Leisure)
  (a) 354       69,267
Ford Motor Co. (Automobiles)
  11,159      188,699
Garmin Ltd. (Household Durables)
  3,136      371,961
General Motors Co. (Automobiles)
  (a) 26,646    1,165,496
Goodyear Tire & Rubber Co. / The (Auto Components)
  (a) 3,840       54,874
H&R Block, Inc. (Diversified Consumer Svs.)
  28,641      745,812
Home Depot, Inc. / The (Specialty Retail)
  17,874    5,350,224
Lowe's Cos., Inc. (Specialty Retail)
  7,105    1,436,560
McDonald's Corp. (Hotels, Restaurants & Leisure)
  8,285    2,048,715
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)
  3,404      458,042
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)
  3,085      349,962
Service Corp. International (Diversified Consumer Svs.)
  10,517      692,229
Target Corp. (Multiline Retail)
  14,932    3,168,869
Tesla, Inc. (Automobiles)
  (a) 8,555    9,218,868
Travel + Leisure Co. (Hotels, Restaurants & Leisure)
  23,612    1,368,079
Whirlpool Corp. (Household Durables)
  5,716      987,611
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)
  9,214   1,092,135
       45,242,902
Consumer Staples–5.6%
 		     
Brown-Forman Corp. Class B (Beverages)
  22,571    1,512,708
Bunge Ltd. (Food Products)
  5,936      657,768
Church & Dwight Co., Inc. (Household Products)
  3,717      369,395
Coca-Cola Europacific Partners PLC (Beverages)
  12,488      607,042
Colgate-Palmolive Co. (Household Products)
  67,024    5,082,430
Costco Wholesale Corp. (Food & Staples Retailing)
  2,975    1,713,154
Estee Lauder Cos., Inc. / The Class A (Personal Products)
  872      237,463
Kellogg Co. (Food Products)
  14,630      943,489
Keurig Dr Pepper, Inc. (Beverages)
  38,535    1,460,477
Common Stocks (Continued) Shares Value
Consumer Staples (continued)
 		     
McCormick & Co., Inc. (Food Products)
  8,563 $    854,587
PepsiCo, Inc. (Beverages)
  15,948    2,669,376
Philip Morris International, Inc. (Tobacco)
  2,389      224,423
Procter & Gamble Co. / The (Household Products)
  14,468    2,210,710
Walmart, Inc. (Food & Staples Retailing)
  26,240   3,907,661
       22,450,683
Energy–4.3%
 		     
Chevron Corp. (Oil, Gas & Consumable Fuels)
  806      131,241
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)
  1,037       63,599
Devon Energy Corp. (Oil, Gas & Consumable Fuels)
  13,692      809,608
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)
  1,323      181,357
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)
  24,281    2,895,024
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)
  84,802    7,003,797
Halliburton Co. (Energy Equip. & Svs.)
  29,974    1,135,115
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)
  79,975    2,008,172
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)
  7,580      409,851
Phillips 66 (Oil, Gas & Consumable Fuels)
  7,819      675,483
Schlumberger N.V. (Energy Equip. & Svs.)
  37,137    1,534,130
Targa Resources Corp. (Oil, Gas & Consumable Fuels)
  783       59,093
Valero Energy Corp. (Oil, Gas & Consumable Fuels)
  4,266     433,170
       17,339,640
Financials–10.8%
 		     
Ally Financial, Inc. (Consumer Finance)
  39,639    1,723,504
American Express Co. (Consumer Finance)
  12,080    2,258,960
Bank of America Corp. (Banks)
  165,693    6,829,865
Bank of New York Mellon Corp. / The (Capital Markets)
  1,272       63,129
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.)
  (a) 6,603    2,330,265
Capital One Financial Corp. (Consumer Finance)
  4,008      526,210
Charles Schwab Corp. / The (Capital Markets)
  2,720      229,323
Citigroup, Inc. (Banks)
  32,020    1,709,868
Discover Financial Services (Consumer Finance)
  346       38,126
FactSet Research Systems, Inc. (Capital Markets)
  1,370      594,785
Goldman Sachs Group, Inc. / The (Capital Markets)
  1,070      353,207
JPMorgan Chase & Co. (Banks)
  30,546    4,164,031
Marsh & McLennan Cos., Inc. (Insurance)
  10,528    1,794,182
MetLife, Inc. (Insurance)
  68,381    4,805,817
Moody's Corp. (Capital Markets)
  4,302    1,451,538
Pinnacle Financial Partners, Inc. (Banks)
  7,199      662,884
PNC Financial Services Group, Inc. / The (Banks)
  4,727      871,895
Regions Financial Corp. (Banks)
  97,522    2,170,840
S&P Global, Inc. (Capital Markets)
  6,821    2,797,838
Stifel Financial Corp. (Capital Markets)
  696       47,258
Travelers Cos., Inc. / The (Insurance)
  15,259    2,788,277
Truist Financial Corp. (Banks)
  9,383      532,016
Voya Financial, Inc. (Diversified Financial Svs.)
  58,988    3,913,854
Wells Fargo & Co. (Banks)
  6,709     325,118
       42,982,790
Health Care–14.0%
 		     
Abbott Laboratories (Health Care Equip. & Supplies)
  10,694    1,265,742
 
47
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Core Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
AbbVie, Inc. (Biotechnology)
  4,133 $    670,001
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)
  35,568    4,706,713
Align Technology, Inc. (Health Care Equip. & Supplies)
  (a) 880      383,680
Amgen, Inc. (Biotechnology)
  15,021    3,632,378
Anthem, Inc. (Health Care Providers & Svs.)
  9,011    4,426,383
Biogen, Inc. (Biotechnology)
  (a) 2,041      429,835
Boston Scientific Corp. (Health Care Equip. & Supplies)
  (a) 49,237    2,180,707
Bruker Corp. (Life Sciences Tools & Svs.)
  506       32,536
Cigna Corp. (Health Care Providers & Svs.)
  4,118      986,714
CVS Health Corp. (Health Care Providers & Svs.)
  21,047    2,130,167
Danaher Corp. (Life Sciences Tools & Svs.)
  12,904    3,785,130
Eli Lilly & Co. (Pharmaceuticals)
  1,481      424,114
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)
  (a) 5,179    2,833,224
Johnson & Johnson (Pharmaceuticals)
  48,090    8,522,991
McKesson Corp. (Health Care Providers & Svs.)
  2,445      748,488
Medtronic PLC (Health Care Equip. & Supplies)
  6,088      675,464
Merck & Co., Inc. (Pharmaceuticals)
  45,290    3,716,045
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)
  (a) 719      987,324
Molina Healthcare, Inc. (Health Care Providers & Svs.)
  (a) 1,304      435,001
Pfizer, Inc. (Pharmaceuticals)
  48,255    2,498,161
Syneos Health, Inc. (Life Sciences Tools & Svs.)
  (a) 23,732    1,921,105
Teladoc Health, Inc. (Health Care Technology)
  (a) 5,839      421,167
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)
  4,273    2,523,847
UnitedHealth Group, Inc. (Health Care Providers & Svs.)
  2,343    1,194,860
Zoetis, Inc. (Pharmaceuticals)
  22,992   4,336,061
       55,867,838
Industrials–8.1%
 		     
Alaska Air Group, Inc. (Airlines)
  (a) 11,040      640,430
AMETEK, Inc. (Electrical Equip.)
  3,158      420,582
Boeing Co. / The (Aerospace & Defense)
  (a) 5,891    1,128,127
Caterpillar, Inc. (Machinery)
  1,453      323,757
CSX Corp. (Road & Rail)
  4,764      178,412
Cummins, Inc. (Machinery)
  1,853      380,069
Curtiss-Wright Corp. (Aerospace & Defense)
  8,193    1,230,261
Delta Air Lines, Inc. (Airlines)
  (a) 6,659      263,497
Eaton Corp. PLC (Electrical Equip.)
  17,540    2,661,870
Equifax, Inc. (Professional Svs.)
  988      234,255
Expeditors International of Washington, Inc. (Air Freight & Logistics)
  1,765      182,077
General Dynamics Corp. (Aerospace & Defense)
  17,421    4,201,597
HEICO Corp. (Aerospace & Defense)
  4,628      710,583
HEICO Corp. Class A (Aerospace & Defense)
  15,571    1,974,870
Honeywell International, Inc. (Industrial Conglomerates)
  16,557    3,221,661
Illinois Tool Works, Inc. (Machinery)
  20,504    4,293,538
Landstar System, Inc. (Road & Rail)
  11,749    1,772,102
Lennox International, Inc. (Building Products)
  229       59,050
Lockheed Martin Corp. (Aerospace & Defense)
  4,680    2,065,752
MasTec, Inc. (Construction & Engineering)
  (a) 823       71,683
Northrop Grumman Corp. (Aerospace & Defense)
  420      187,832
Old Dominion Freight Line, Inc. (Road & Rail)
  575      171,741
Owens Corning (Building Products)
  2,023      185,105
Republic Services, Inc. (Commercial Svs. & Supplies)
  499       66,118
Common Stocks (Continued) Shares Value
Industrials (continued)      
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)
  (a) 11,268 $  1,821,923
Snap-on, Inc. (Machinery)
  1,336      274,521
Union Pacific Corp. (Road & Rail)
  278       75,952
United Parcel Service, Inc. Class B (Air Freight & Logistics)
  16,244   3,483,688
       32,281,053
Information Technology–28.2%
 		     
Accenture PLC Class A (IT Svs.)
  732      246,852
Adobe, Inc. (Software)
  (a) 6,114    2,785,661
Advanced Micro Devices, Inc. (Semiconductors & Equip.)
  (a) 30,537    3,338,916
Apple, Inc. (Tech. Hardware, Storage & Periph.)
  162,802   28,426,857
Applied Materials, Inc. (Semiconductors & Equip.)
  1,816      239,349
Automatic Data Processing, Inc. (IT Svs.)
  6,752    1,536,350
Broadcom, Inc. (Semiconductors & Equip.)
  407      256,280
Cadence Design Systems, Inc. (Software)
  (a) 6,330    1,041,032
Ciena Corp. (Communications Equip.)
  (a) 3,515      213,114
Cirrus Logic, Inc. (Semiconductors & Equip.)
  (a) 3,696      313,384
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.)
  (a) 59,926    3,007,686
EPAM Systems, Inc. (IT Svs.)
  (a) 591      175,296
Fidelity National Information Services, Inc. (IT Svs.)
  24,684    2,478,767
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)
  89,567    1,496,665
HP, Inc. (Tech. Hardware, Storage & Periph.)
  50,230    1,823,349
Intel Corp. (Semiconductors & Equip.)
  94,686    4,692,638
Intuit, Inc. (Software)
  3,693    1,775,742
Juniper Networks, Inc. (Communications Equip.)
  11,999      445,883
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 11,084    1,750,939
KLA Corp. (Semiconductors & Equip.)
  839      307,124
Lam Research Corp. (Semiconductors & Equip.)
  2,046    1,099,950
Mastercard, Inc. Class A (IT Svs.)
  3,712    1,326,595
Microsoft Corp. (Software)
  85,481   26,354,647
Monolithic Power Systems, Inc. (Semiconductors & Equip.)
  726      352,604
NVIDIA Corp. (Semiconductors & Equip.)
  20,089    5,481,485
NXP Semiconductors N.V. (Semiconductors & Equip.)
  1,489      275,584
PayPal Holdings, Inc. (IT Svs.)
  (a) 16,938    1,958,880
QUALCOMM, Inc. (Semiconductors & Equip.)
  17,245    2,635,381
salesforce.com, Inc. (Software)
  (a) 8,953    1,900,901
ServiceNow, Inc. (Software)
  (a) 5,312    2,958,200
Silicon Laboratories, Inc. (Semiconductors & Equip.)
  (a) 7,384    1,109,077
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)
  2,404      314,876
Texas Instruments, Inc. (Semiconductors & Equip.)
  7,305    1,340,321
Visa, Inc. (IT Svs.)
  31,877    7,069,362
Western Digital Corp. (Tech. Hardware, Storage & Periph.)
  (a) 3,836      190,457
Workday, Inc. Class A (Software)
  (a) 6,307   1,510,274
      112,230,478
Materials–2.5%
 		     
Corteva, Inc. (Chemicals)
  13,184      757,816
Ecolab, Inc. (Chemicals)
  21,819    3,852,363
Freeport-McMoRan, Inc. (Metals & Mining)
  13,604      676,663
Linde PLC (Chemicals)
  9,181    2,932,687
 
48
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Core Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Materials (continued)      
Reliance Steel & Aluminum Co. (Metals & Mining)
  7,810 $  1,431,964
Steel Dynamics, Inc. (Metals & Mining)
  4,101     342,146
        9,993,639
Real Estate–3.0%
 		     
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)
  (a) 9,679      885,822
Crown Castle International Corp. (Equity REIT)
  4,410      814,086
CubeSmart (Equity REIT)
  39,101    2,034,425
Equity LifeStyle Properties, Inc. (Equity REIT)
  6,438      492,378
Extra Space Storage, Inc. (Equity REIT)
  7,840    1,611,904
Life Storage, Inc. (Equity REIT)
  4,912      689,792
Mid-America Apartment Communities, Inc. (Equity REIT)
  1,111      232,699
Prologis, Inc. (Equity REIT)
  31,891    5,149,759
Sun Communities, Inc. (Equity REIT)
  831     145,666
       12,056,531
Common Stocks (Continued) Shares Value
Utilities–2.3%
 		     
DTE Energy Co. (Multi-Utilities)
  17,052 $  2,254,445
Entergy Corp. (Electric Utilities)
  39,450    4,605,787
Eversource Energy (Electric Utilities)
  4,851      427,810
NextEra Energy, Inc. (Electric Utilities)
  13,727    1,162,814
OGE Energy Corp. (Electric Utilities)
  21,686     884,355
        9,335,211
Total Common Stocks (Cost $355,089,536)
    $394,719,469
    
Money Market Funds–1.4% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (b) 5,515,160 $  5,514,608
Total Money Market Funds (Cost $5,514,748)
      $5,514,608
Total Investments – 100.4% (Cost $360,604,284)
  (c)   $400,234,077
Liabilities in Excess of Other Assets – (0.4)%
  (d)   (1,655,742)
Net Assets – 100.0%     $398,578,335
    
 
Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2022.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(d) Includes $312,000 of cash pledged as collateral for the futures contracts outstanding at March 31, 2022. See also the following Schedule of Open Futures Contracts.
The accompanying notes are an integral part of these financial statements.
 Schedule of Open Futures Contracts March 31, 2022 (Unaudited) 
    
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
CME E-mini S&P 500 Index - Long   26   June 17, 2022   $5,507,919   $5,889,975   $382,056   $(106,435)
The accompanying notes are an integral part of these financial statements.
49
Ohio National Fund, Inc. ON BlackRock Advantage Small Cap Growth Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–95.7% Shares Value
Communication Services–2.1%
 		     
AMC Networks, Inc. Class A (Media)
  (a) 3,760 $    152,769
Bandwidth, Inc. Class A (Diversified Telecom. Svs.)
  (a) 12,048     390,235
Cardlytics, Inc. (Media)
  (a) 6,221     342,030
Cargurus, Inc. (Interactive Media & Svs.)
  (a) 3,519     149,417
Cinemark Holdings, Inc. (Entertainment)
  (a) 22,619     390,856
Eventbrite, Inc. Class A (Interactive Media & Svs.)
  (a) 9,898     146,193
EverQuote, Inc. Class A (Interactive Media & Svs.)
  (a) 3,933      63,636
fuboTV, Inc. (Interactive Media & Svs.)
  (a) 22,799     149,789
IDT Corp. Class B (Diversified Telecom. Svs.)
  (a) 8,567     292,049
Iridium Communications, Inc. (Diversified Telecom. Svs.)
  (a) 23,988     967,196
Magnite, Inc. (Media)
  (a) 9,751     128,811
Ooma, Inc. (Diversified Telecom. Svs.)
  (a) 7,140     107,029
Yelp, Inc. (Interactive Media & Svs.)
  (a) 3,270     111,540
Ziff Davis, Inc. (Interactive Media & Svs.)
  (a) 2,809     271,855
        3,663,405
Consumer Discretionary–13.7%
 		     
1-800-Flowers.com, Inc. Class A (Internet & Direct Marketing Retail)
  (a) 25,190     321,424
2U, Inc. (Diversified Consumer Svs.)
  (a) 27,237     361,707
Academy Sports & Outdoors, Inc. (Specialty Retail)
  3,878     152,793
Accel Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 32,387     394,474
American Eagle Outfitters, Inc. (Specialty Retail)
  37,731     633,881
Asbury Automotive Group, Inc. (Specialty Retail)
  (a) 3,304     529,301
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure)
  27,697     607,672
Boot Barn Holdings, Inc. (Specialty Retail)
  (a) 5,371     509,117
Brinker International, Inc. (Hotels, Restaurants & Leisure)
  (a) 1,793      68,421
Cheesecake Factory, Inc. / The (Hotels, Restaurants & Leisure)
  (a) 10,931     434,944
Citi Trends, Inc. (Specialty Retail)
  (a) 3,989     122,163
Conn's, Inc. (Specialty Retail)
  (a) 9,612     148,121
Crocs, Inc. (Textiles, Apparel & Luxury Goods)
  (a) 7,805     596,302
Dave & Buster's Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 3,650     179,215
Designer Brands, Inc. Class A (Specialty Retail)
  (a) 7,040      95,110
Dillard's, Inc. Class A (Multiline Retail)
  556     149,225
Fisker, Inc. (Automobiles)
  (a) 22,543     290,805
Fox Factory Holding Corp. (Auto Components)
  (a) 5,638     552,242
Goodyear Tire & Rubber Co. / The (Auto Components)
  (a) 23,453     335,143
GoPro, Inc. Class A (Household Durables)
  (a) 57,623     491,524
Green Brick Partners, Inc. (Household Durables)
  (a) 5,358     105,874
Helen of Troy Ltd. (Household Durables)
  (a) 1,421     278,289
Hibbett, Inc. (Specialty Retail)
  3,424     151,820
Hilton Grand Vacations, Inc. (Hotels, Restaurants & Leisure)
  (a) 21,299   1,107,761
Houghton Mifflin Harcourt Co. (Diversified Consumer Svs.)
  (a) 9,960     209,260
International Game Technology PLC (Hotels, Restaurants & Leisure)
  42,702   1,053,885
iRobot Corp. (Household Durables)
  (a) 8,719     552,785
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)
  3,782     156,386
LCI Industries (Auto Components)
  6,080     631,165
LGI Homes, Inc. (Household Durables)
  (a) 2,779     271,453
M.D.C. Holdings, Inc. (Household Durables)
  27,398   1,036,740
Malibu Boats, Inc. Class A (Leisure Products)
  (a) 7,654     444,009
MarineMax, Inc. (Specialty Retail)
  (a) 9,883     397,890
Meritage Homes Corp. (Household Durables)
  (a) 2,043     161,867
Murphy U.S.A., Inc. (Specialty Retail)
  2,240     447,910
National Vision Holdings, Inc. (Specialty Retail)
  (a) 12,921     562,968
Common Stocks (Continued) Shares Value
Consumer Discretionary (continued)
 		     
Overstock.com, Inc. (Internet & Direct Marketing Retail)
  (a) 11,824 $    520,315
Papa John's International, Inc. (Hotels, Restaurants & Leisure)
  8,993     946,783
Patrick Industries, Inc. (Auto Components)
  6,155     371,147
RealReal, Inc. / The (Internet & Direct Marketing Retail)
  (a) 25,373     184,208
Rent-A-Center, Inc. (Specialty Retail)
  3,975     100,130
Rush Street Interactive, Inc. (Hotels, Restaurants & Leisure)
  (a) 10,070      73,209
Scientific Games Corp. (Hotels, Restaurants & Leisure)
  (a) 4,333     254,564
Shake Shack, Inc. Class A (Hotels, Restaurants & Leisure)
  (a) 11,724     796,060
Shutterstock, Inc. (Internet & Direct Marketing Retail)
  5,226     486,436
Signet Jewelers Ltd. (Specialty Retail)
  4,659     338,709
Sleep Number Corp. (Specialty Retail)
  (a) 2,639     133,824
Sonic Automotive, Inc. Class A (Specialty Retail)
  11,479     487,972
Sonos, Inc. (Household Durables)
  (a) 32,705     922,935
Steven Madden Ltd. (Textiles, Apparel & Luxury Goods)
  6,292     243,123
Stitch Fix, Inc. Class A (Internet & Direct Marketing Retail)
  (a) 14,615     147,173
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)
  12,471   1,044,197
Universal Electronics, Inc. (Household Durables)
  (a) 2,066      64,542
Urban Outfitters, Inc. (Specialty Retail)
  (a) 19,346     485,778
Visteon Corp. (Auto Components)
  (a) 2,461     268,569
Wingstop, Inc. (Hotels, Restaurants & Leisure)
  4,987     585,224
Winnebago Industries, Inc. (Automobiles)
  14,072     760,310
XPEL, Inc. (Auto Components)
  (a) 3,668     192,973
       23,951,827
Consumer Staples–3.1%
 		     
Andersons, Inc. / The (Food & Staples Retailing)
  15,777     792,952
BJ's Wholesale Club Holdings, Inc. (Food & Staples Retailing)
  (a) 11,016     744,792
Celsius Holdings, Inc. (Beverages)
  (a) 2,452     135,301
Central Garden & Pet Co. Class A (Household Products)
  (a) 9,778     398,747
Hostess Brands, Inc. (Food Products)
  (a) 17,404     381,844
Medifast, Inc. (Personal Products)
  5,560     949,537
Mission Produce, Inc. (Food Products)
  (a) 5,482      69,347
Nu Skin Enterprises, Inc. Class A (Personal Products)
  2,007      96,095
Performance Food Group Co. (Food & Staples Retailing)
  (a) 24,435   1,243,986
Sanderson Farms, Inc. (Food Products)
  695     130,306
Sprouts Farmers Market, Inc. (Food & Staples Retailing)
  (a) 4,627     147,971
Vital Farms, Inc. (Food Products)
  (a) 20,905     258,386
        5,349,264
Energy–3.4%
 		     
Antero Resources Corp. (Oil, Gas & Consumable Fuels)
  (a) 8,257     252,086
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)
  (a) 6,013     355,248
Centennial Resource Development, Inc. Class A (Oil, Gas & Consumable Fuels)
  (a) 23,038     185,917
ChampionX Corp. (Energy Equip. & Svs.)
  12,609     308,668
Clean Energy Fuels Corp. (Oil, Gas & Consumable Fuels)
  (a) 18,647     148,057
Delek U.S. Holdings, Inc. (Oil, Gas & Consumable Fuels)
  (a) 6,408     135,978
Denbury, Inc. (Oil, Gas & Consumable Fuels)
  (a) 3,933     309,016
Energy Fuels, Inc. (Oil, Gas & Consumable Fuels)
  (a) 14,224     130,150
 
50
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage Small Cap Growth Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Energy (continued)      
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels)
  29,730 $    201,867
Kosmos Energy Ltd. (Oil, Gas & Consumable Fuels)
  (a) 33,186     238,607
Matador Resources Co. (Oil, Gas & Consumable Fuels)
  12,360     654,833
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels)
  2,213     323,762
Oceaneering International, Inc. (Energy Equip. & Svs.)
  (a) 23,528     356,684
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)
  13,291     718,644
ProPetro Holding Corp. (Energy Equip. & Svs.)
  (a) 15,350     213,826
Smart Sand, Inc. (Energy Equip. & Svs.)
  (a) 47,289     163,147
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)
  (a) 90,988     652,384
Tellurian, Inc. (Oil, Gas & Consumable Fuels)
  (a) 38,977     206,578
Vertex Energy, Inc. (Oil, Gas & Consumable Fuels)
  (a) 13,558     134,767
W&T Offshore, Inc. (Oil, Gas & Consumable Fuels)
  (a) 74,525     284,685
        5,974,904
Financials–5.0%
 		     
Artisan Partners Asset Management, Inc. Class A (Capital Markets)
  14,639     576,045
BankFinancial Corp. (Banks)
  5,622      58,244
Cohen & Steers, Inc. (Capital Markets)
  6,316     542,481
Essent Group Ltd. (Thrifts & Mortgage Finance)
  9,196     378,967
Federal Agricultural Mortgage Corp. Class C (Thrifts & Mortgage Finance)
  5,490     595,555
First Financial Bankshares, Inc. (Banks)
  18,320     808,279
First Interstate BancSystem, Inc. Class A (Banks)
  5,312     195,322
First Savings Financial Group, Inc. (Banks)
  6,615     162,332
Hamilton Lane, Inc. Class A (Capital Markets)
  10,125     782,561
Houlihan Lokey, Inc. (Capital Markets)
  4,024     353,307
Kinsale Capital Group, Inc. (Insurance)
  579     132,024
LendingTree, Inc. (Consumer Finance)
  (a) 3,863     462,285
Moelis & Co. Class A (Capital Markets)
  2,296     107,797
Open Lending Corp. Class A (Capital Markets)
  (a) 11,268     213,078
PROG Holdings, Inc. (Consumer Finance)
  (a) 8,761     252,054
Radian Group, Inc. (Thrifts & Mortgage Finance)
  6,647     147,630
Republic First Bancorp, Inc. (Banks)
  (a) 75,938     391,840
RLI Corp. (Insurance)
  2,688     297,374
Selectquote, Inc. (Insurance)
  (a) 8,673      24,198
Silvergate Capital Corp. Class A (Banks)
  (a) 2,115     318,456
SouthState Corp. (Banks)
  3,119     254,479
Stifel Financial Corp. (Capital Markets)
  14,119     958,680
Trupanion, Inc. (Insurance)
  (a) 6,694     596,569
Virtus Investment Partners, Inc. (Capital Markets)
  383      91,916
        8,701,473
Health Care–23.9%
 		     
1Life Healthcare, Inc. (Health Care Providers & Svs.)
  (a) 25,769     285,521
ACADIA Pharmaceuticals, Inc. (Biotechnology)
  (a) 12,690     307,352
Accolade, Inc. (Health Care Providers & Svs.)
  (a) 5,842     102,586
Accuray, Inc. (Health Care Equip. & Supplies)
  (a) 41,890     138,656
Aclaris Therapeutics, Inc. (Pharmaceuticals)
  (a) 7,879     135,834
Agenus, Inc. (Biotechnology)
  (a) 65,236     160,481
Alector, Inc. (Biotechnology)
  (a) 11,265     160,526
Alkermes PLC (Biotechnology)
  (a) 19,720     518,833
Allogene Therapeutics, Inc. (Biotechnology)
  (a) 18,877     171,969
Allscripts Healthcare Solutions, Inc. (Health Care Technology)
  (a) 14,101     317,555
ALX Oncology Holdings, Inc. (Biotechnology)
  (a) 1,291      21,818
Amarin Corp. PLC – ADR (Biotechnology)
  (a) 17,101      56,262
Amicus Therapeutics, Inc. (Biotechnology)
  (a) 34,993     331,384
AMN Healthcare Services, Inc. (Health Care Providers & Svs.)
  (a) 4,574     477,205
Amphastar Pharmaceuticals, Inc. (Pharmaceuticals)
  (a) 24,253     870,683
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
Apellis Pharmaceuticals, Inc. (Biotechnology)
  (a) 8,810 $    447,636
Applied Molecular Transport, Inc. (Biotechnology)
  (a) 2,404      18,078
Aptinyx, Inc. (Biotechnology)
  (a) 28,141      63,880
Arcutis Biotherapeutics, Inc. (Biotechnology)
  (a) 5,941     114,424
Arrowhead Pharmaceuticals, Inc. (Biotechnology)
  (a) 8,746     402,229
Arvinas, Inc. (Pharmaceuticals)
  (a) 3,865     260,115
Atara Biotherapeutics, Inc. (Biotechnology)
  (a) 26,563     246,770
Atea Pharmaceuticals, Inc. (Pharmaceuticals)
  (a) 10,328      74,568
Athenex, Inc. (Biotechnology)
  (a) 11,735       9,734
Athersys, Inc. (Biotechnology)
  (a) 60,257      36,486
AtriCure, Inc. (Health Care Equip. & Supplies)
  (a) 7,974     523,653
Atrion Corp. (Health Care Equip. & Supplies)
  585     417,105
Avidity Biosciences, Inc. (Biotechnology)
  (a) 5,306      98,002
Avrobio, Inc. (Biotechnology)
  (a) 9,661      12,753
Axonics, Inc. (Health Care Equip. & Supplies)
  (a) 6,527     408,590
Beam Therapeutics, Inc. (Biotechnology)
  (a) 4,803     275,212
Berkeley Lights, Inc. (Life Sciences Tools & Svs.)
  (a) 19,349     137,571
Beyondspring, Inc. (Biotechnology)
  (a) 8,867      19,507
BioCryst Pharmaceuticals, Inc. (Biotechnology)
  (a) 5,476      89,040
Biohaven Pharmaceutical Holding Co. Ltd. (Biotechnology)
  (a) 2,576     305,436
Bionano Genomics, Inc. (Life Sciences Tools & Svs.)
  (a) 24,308      62,715
Blueprint Medicines Corp. (Biotechnology)
  (a) 9,933     634,520
Bridgebio Pharma, Inc. (Biotechnology)
  (a) 17,777     180,437
C4 Therapeutics, Inc. (Biotechnology)
  (a) 6,485     157,326
Cardiovascular Systems, Inc. (Health Care Equip. & Supplies)
  (a) 15,260     344,876
CareDx, Inc. (Biotechnology)
  (a) 4,195     155,173
Cassava Sciences, Inc. (Pharmaceuticals)
  (a) 5,749     213,518
Cerus Corp. (Health Care Equip. & Supplies)
  (a) 42,400     232,776
Codexis, Inc. (Life Sciences Tools & Svs.)
  (a) 17,805     367,139
Coherus Biosciences, Inc. (Biotechnology)
  (a) 29,534     381,284
Collegium Pharmaceutical, Inc. (Pharmaceuticals)
  (a) 15,250     310,490
Community Health Systems, Inc. (Health Care Providers & Svs.)
  (a) 7,252      86,081
Corcept Therapeutics, Inc. (Pharmaceuticals)
  (a) 13,346     300,552
Crinetics Pharmaceuticals, Inc. (Biotechnology)
  (a) 2,601      57,092
Cue Biopharma, Inc. (Biotechnology)
  (a) 9,963      48,619
Cytokinetics, Inc. (Biotechnology)
  (a) 3,206     118,013
Deciphera Pharmaceuticals, Inc. (Biotechnology)
  (a) 9,562      88,640
Denali Therapeutics, Inc. (Biotechnology)
  (a) 19,937     641,373
Doximity, Inc. Class A (Health Care Technology)
  (a) 1,937     100,898
Dynavax Technologies Corp. (Biotechnology)
  (a) 15,421     167,164
Editas Medicine, Inc. (Biotechnology)
  (a) 20,268     385,497
Emergent BioSolutions, Inc. (Biotechnology)
  (a) 3,929     161,325
Enanta Pharmaceuticals, Inc. (Biotechnology)
  (a) 3,463     246,496
Ensign Group, Inc. / The (Health Care Providers & Svs.)
  3,366     302,974
Evolent Health, Inc. Class A (Health Care Technology)
  (a) 10,751     347,257
Fate Therapeutics, Inc. (Biotechnology)
  (a) 15,656     606,983
Foghorn Therapeutics, Inc. (Biotechnology)
  (a) 8,256     125,739
Frequency Therapeutics, Inc. (Biotechnology)
  (a) 11,635      24,666
Glaukos Corp. (Health Care Equip. & Supplies)
  (a) 2,764     159,815
Global Blood Therapeutics, Inc. (Biotechnology)
  (a) 4,069     140,950
Globus Medical, Inc. Class A (Health Care Equip. & Supplies)
  (a) 1,270      93,701
Haemonetics Corp. (Health Care Equip. & Supplies)
  (a) 8,333     526,812
Halozyme Therapeutics, Inc. (Biotechnology)
  (a) 26,874   1,071,735
Hanger, Inc. (Health Care Providers & Svs.)
  (a) 15,100     276,783
Harmony Biosciences Holdings, Inc. (Pharmaceuticals)
  (a) 5,031     244,758
Harpoon Therapeutics, Inc. (Biotechnology)
  (a) 9,978      49,591
HealthEquity, Inc. (Health Care Providers & Svs.)
  (a) 11,939     805,166
 
51
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage Small Cap Growth Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
Heron Therapeutics, Inc. (Biotechnology)
  (a) 34,692 $    198,438
Heska Corp. (Health Care Equip. & Supplies)
  (a) 3,015     416,914
Insmed, Inc. (Biotechnology)
  (a) 22,842     536,787
Inspire Medical Systems, Inc. (Health Care Technology)
  (a) 4,369   1,121,479
Integer Holdings Corp. (Health Care Equip. & Supplies)
  (a) 6,229     501,871
Intellia Therapeutics, Inc. (Biotechnology)
  (a) 8,046     584,703
Intercept Pharmaceuticals, Inc. (Biotechnology)
  (a) 6,783     110,359
Intersect ENT, Inc. (Health Care Equip. & Supplies)
  (a) 4,321     121,031
Intra-Cellular Therapies, Inc. (Pharmaceuticals)
  (a) 3,225     197,338
Invitae Corp. (Health Care Providers & Svs.)
  (a) 17,449     139,069
iRhythm Technologies, Inc. (Health Care Equip. & Supplies)
  (a) 1,936     304,862
Ironwood Pharmaceuticals, Inc. (Biotechnology)
  (a) 48,026     604,167
Karuna Therapeutics, Inc. (Biotechnology)
  (a) 607      76,962
Karyopharm Therapeutics, Inc. (Biotechnology)
  (a) 38,594     284,438
Kiniksa Pharmaceuticals Ltd. Class A (Biotechnology)
  (a) 17,844     177,369
Kodiak Sciences, Inc. (Biotechnology)
  (a) 17,029     131,464
Kymera Therapeutics, Inc. (Biotechnology)
  (a) 1,184      50,107
LeMaitre Vascular, Inc. (Health Care Equip. & Supplies)
  2,251     104,604
LHC Group, Inc. (Health Care Providers & Svs.)
  (a) 3,939     664,115
LivaNova PLC (Health Care Equip. & Supplies)
  (a) 1,609     131,664
MacroGenics, Inc. (Biotechnology)
  (a) 3,552      31,293
MannKind Corp. (Biotechnology)
  (a) 38,144     140,370
Medpace Holdings, Inc. (Life Sciences Tools & Svs.)
  (a) 6,228   1,018,839
Merit Medical Systems, Inc. (Health Care Equip. & Supplies)
  (a) 7,911     526,240
Mirum Pharmaceuticals, Inc. (Biotechnology)
  (a) 7,949     175,037
NanoString Technologies, Inc. (Life Sciences Tools & Svs.)
  (a) 9,290     322,828
Natera, Inc. (Biotechnology)
  (a) 1,705      69,359
Neogen Corp. (Health Care Equip. & Supplies)
  (a) 9,757     300,906
NeoGenomics, Inc. (Life Sciences Tools & Svs.)
  (a) 20,555     249,743
Neoleukin Therapeutics, Inc. (Biotechnology)
  (a) 9,004      16,928
Nevro Corp. (Health Care Equip. & Supplies)
  (a) 3,665     265,089
NextCure, Inc. (Biotechnology)
  (a) 8,883      43,171
Ocugen, Inc. (Biotechnology)
  (a) 25,833      85,249
Omnicell, Inc. (Health Care Technology)
  (a) 12,095   1,566,182
OraSure Technologies, Inc. (Health Care Equip. & Supplies)
  (a) 4,376      29,669
Ortho Clinical Diagnostics Holdings PLC (Health Care Equip. & Supplies)
  (a) 19,482     363,534
Owens & Minor, Inc. (Health Care Providers & Svs.)
  4,440     195,449
Oyster Point Pharma, Inc. (Biotechnology)
  (a) 9,003     104,795
Pacific Biosciences of California, Inc. (Life Sciences Tools & Svs.)
  (a) 16,646     151,479
Pacira BioSciences, Inc. (Pharmaceuticals)
  (a) 4,474     341,456
Passage Bio, Inc. (Biotechnology)
  (a) 8,622      26,728
Patterson Cos., Inc. (Health Care Providers & Svs.)
  6,662     215,649
Personalis, Inc. (Life Sciences Tools & Svs.)
  (a) 22,434     183,734
PetIQ, Inc. (Health Care Providers & Svs.)
  (a) 12,126     295,874
Phreesia, Inc. (Health Care Technology)
  (a) 11,187     294,889
Poseida Therapeutics, Inc. (Biotechnology)
  (a) 3,813      17,082
Precision BioSciences, Inc. (Biotechnology)
  (a) 17,540      54,023
Prestige Consumer Healthcare, Inc. (Pharmaceuticals)
  (a) 6,015     318,434
Progyny, Inc. (Health Care Providers & Svs.)
  (a) 15,151     778,761
PTC Therapeutics, Inc. (Biotechnology)
  (a) 13,616     508,013
Puma Biotechnology, Inc. (Biotechnology)
  (a) 19,032      54,812
R1 RCM, Inc. (Health Care Providers & Svs.)
  (a) 14,225     380,661
Recursion Pharmaceuticals, Inc. Class A (Biotechnology)
  (a) 7,184      51,437
REGENXBIO, Inc. (Biotechnology)
  (a) 7,468     247,863
Relay Therapeutics, Inc. (Biotechnology)
  (a) 14,951     447,483
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
Relmada Therapeutics, Inc. (Pharmaceuticals)
  (a) 5,208 $    140,564
Repligen Corp. (Life Sciences Tools & Svs.)
  (a) 1,210     227,589
Revance Therapeutics, Inc. (Pharmaceuticals)
  (a) 8,096     157,872
REVOLUTION Medicines, Inc. (Biotechnology)
  (a) 7,851     200,279
Rigel Pharmaceuticals, Inc. (Biotechnology)
  (a) 88,669     265,120
Rocket Pharmaceuticals, Inc. (Biotechnology)
  (a) 2,755      43,694
Sangamo Therapeutics, Inc. (Biotechnology)
  (a) 18,515     107,572
Schrodinger, Inc. (Health Care Technology)
  (a) 5,518     188,274
Seer, Inc. (Life Sciences Tools & Svs.)
  (a) 2,905      44,272
Select Medical Holdings Corp. (Health Care Providers & Svs.)
  19,186     460,272
Seres Therapeutics, Inc. (Biotechnology)
  (a) 16,907     120,378
Shockwave Medical, Inc. (Health Care Equip. & Supplies)
  (a) 8,090   1,677,542
Silk Road Medical, Inc. (Health Care Equip. & Supplies)
  (a) 4,376     180,685
Sorrento Therapeutics, Inc. (Biotechnology)
  (a) 45,196     105,307
STAAR Surgical Co. (Health Care Equip. & Supplies)
  (a) 8,570     684,829
Surgery Partners, Inc. (Health Care Providers & Svs.)
  (a) 5,893     324,410
Sutro Biopharma, Inc. (Biotechnology)
  (a) 13,219     108,660
Tactile Systems Technology, Inc. (Health Care Equip. & Supplies)
  (a) 6,253     126,060
Teladoc Health, Inc. (Health Care Technology)
  (a) 1,333      96,149
TG Therapeutics, Inc. (Biotechnology)
  (a) 15,198     144,533
Theravance Biopharma, Inc. (Pharmaceuticals)
  (a) 18,256     174,527
Tivity Health, Inc. (Health Care Providers & Svs.)
  (a) 4,013     129,098
Twist Bioscience Corp. (Biotechnology)
  (a) 8,104     400,176
Ultragenyx Pharmaceutical, Inc. (Biotechnology)
  (a) 1,951     141,682
Veracyte, Inc. (Biotechnology)
  (a) 4,258     117,393
Vericel Corp. (Biotechnology)
  (a) 5,321     203,369
Viemed Healthcare, Inc. (Health Care Providers & Svs.)
  (a) 11,958      59,551
Vir Biotechnology, Inc. (Biotechnology)
  (a) 7,996     205,657
Y-mAbs Therapeutics, Inc. (Biotechnology)
  (a) 4,746      56,382
Zentalis Pharmaceuticals, Inc. (Biotechnology)
  (a) 1,298      59,890
Zynex, Inc. (Health Care Equip. & Supplies)
  4,771      29,723
       41,548,697
Industrials–14.7%
 		     
Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense)
  (a) 7,734     304,333
Altra Industrial Motion Corp. (Machinery)
  4,205     163,701
Ameresco, Inc. Class A (Construction & Engineering)
  (a) 5,464     434,388
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)
  16,413   1,684,959
ASGN, Inc. (Professional Svs.)
  (a) 3,953     461,355
Astec Industries, Inc. (Machinery)
  4,471     192,253
Atkore, Inc. (Electrical Equip.)
  (a) 9,433     928,584
Bloom Energy Corp. Class A (Electrical Equip.)
  (a) 26,514     640,313
Boise Cascade Co. (Trading Companies & Distributors)
  2,095     145,540
Builders FirstSource, Inc. (Building Products)
  (a) 10,871     701,614
Chart Industries, Inc. (Machinery)
  (a) 1,076     184,825
Cimpress PLC (Commercial Svs. & Supplies)
  (a) 1,170      74,400
Comfort Systems U.S.A., Inc. (Construction & Engineering)
  1,618     144,018
Desktop Metal, Inc. Class A (Machinery)
  (a) 19,562      92,724
EMCOR Group, Inc. (Construction & Engineering)
  13,747   1,548,325
Evoqua Water Technologies Corp. (Machinery)
  (a) 20,195     948,761
Forrester Research, Inc. (Professional Svs.)
  (a) 4,676     263,820
Franklin Covey Co. (Professional Svs.)
  (a) 19,876     898,793
Franklin Electric Co., Inc. (Machinery)
  20,468   1,699,663
Herc Holdings, Inc. (Trading Companies & Distributors)
  842     140,690
Hub Group, Inc. Class A (Air Freight & Logistics)
  (a) 9,416     727,009
Hyliion Holdings Corp. (Machinery)
  (a) 21,888      96,964
Insperity, Inc. (Professional Svs.)
  13,789   1,384,691
JELD-WEN Holding, Inc. (Building Products)
  (a) 7,549     153,094
 
52
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage Small Cap Growth Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Industrials (continued)      
John Bean Technologies Corp. (Machinery)
  1,530 $    181,259
KBR, Inc. (Professional Svs.)
  13,567     742,522
Kforce, Inc. (Professional Svs.)
  18,664   1,380,576
Kimball International, Inc. Class B (Commercial Svs. & Supplies)
  7,995      67,558
Manitowoc Co., Inc. / The (Machinery)
  (a) 2,982      44,969
Meritor, Inc. (Machinery)
  (a) 7,480     266,064
Nikola Corp. (Machinery)
  (a) 16,119     172,634
Primoris Services Corp. (Construction & Engineering)
  3,504      83,465
Proto Labs, Inc. (Machinery)
  (a) 3,538     187,160
Radiant Logistics, Inc. (Air Freight & Logistics)
  (a) 10,231      65,171
Rush Enterprises, Inc. Class A (Trading Companies & Distributors)
  3,132     159,450
Saia, Inc. (Road & Rail)
  (a) 506     123,373
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)
  (a) 8,656   1,399,589
Terex Corp. (Machinery)
  16,378     584,039
Tetra Tech, Inc. (Commercial Svs. & Supplies)
  12,080   1,992,475
Trex Co., Inc. (Building Products)
  (a) 1,617     105,639
TriNet Group, Inc. (Professional Svs.)
  (a) 7,274     715,471
UFP Industries, Inc. (Building Products)
  14,971   1,155,162
Upwork, Inc. (Professional Svs.)
  (a) 12,018     279,298
Watts Water Technologies, Inc. Class A (Machinery)
  4,055     566,037
Welbilt, Inc. (Machinery)
  (a) 5,474     130,007
Werner Enterprises, Inc. (Road & Rail)
  22,768     933,488
WillScot Mobile Mini Holdings Corp. (Construction & Engineering)
  (a) 6,422     251,293
       25,601,516
Information Technology–21.9%
 		     
3D Systems Corp. (Tech. Hardware, Storage & Periph.)
  (a) 14,340     239,191
8x8, Inc. (Software)
  (a) 13,109     165,042
ACI Worldwide, Inc. (Software)
  (a) 22,258     700,904
Alarm.com Holdings, Inc. (Software)
  (a) 7,198     478,379
Altair Engineering, Inc. Class A (Software)
  (a) 15,157     976,111
Ambarella, Inc. (Semiconductors & Equip.)
  (a) 4,999     524,495
Amkor Technology, Inc. (Semiconductors & Equip.)
  9,172     199,216
Appian Corp. (Software)
  (a) 6,661     405,122
Asana, Inc. Class A (Software)
  (a) 9,833     393,025
Avaya Holdings Corp. (Software)
  (a) 6,658      84,357
Badger Meter, Inc. (Electronic Equip., Instr. & Comp.)
  909      90,636
BigCommerce Holdings, Inc. Series 1 (IT Svs.)
  (a) 5,689     124,646
Blackline, Inc. (Software)
  (a) 6,296     460,993
Box, Inc. Class A (Software)
  (a) 31,704     921,318
BTRS Holdings, Inc. Class A (Software)
  (a) 17,554     131,304
Calix, Inc. (Communications Equip.)
  (a) 14,377     616,917
Cerence, Inc. (Software)
  (a) 2,544      91,838
CMC Materials, Inc. (Semiconductors & Equip.)
  3,663     679,120
CSG Systems International, Inc. (IT Svs.)
  16,069   1,021,506
Digital Turbine, Inc. (Software)
  (a) 13,930     610,273
DigitalOcean Holdings, Inc. (IT Svs.)
  (a) 4,907     283,870
Diodes, Inc. (Semiconductors & Equip.)
  (a) 1,425     123,961
Envestnet, Inc. (Software)
  (a) 4,458     331,854
ePlus, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 11,912     667,787
Extreme Networks, Inc. (Communications Equip.)
  (a) 22,134     270,256
FARO Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 1,979     102,750
Flywire Corp. (IT Svs.)
  (a) 4,699     143,695
Ichor Holdings Ltd. (Semiconductors & Equip.)
  (a) 12,609     449,133
Insight Enterprises, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 5,306     569,440
International Money Express, Inc. (IT Svs.)
  (a) 6,445     132,831
Itron, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 2,978     156,881
Knowles Corp. (Electronic Equip., Instr. & Comp.)
  (a) 3,100      66,743
Kulicke & Soffa Industries, Inc. (Semiconductors & Equip.)
  6,351     355,783
Lattice Semiconductor Corp. (Semiconductors & Equip.)
  (a) 46,588   2,839,540
Common Stocks (Continued) Shares Value
Information Technology (continued)
 		     
LivePerson, Inc. (Software)
  (a) 17,807 $    434,847
LiveRamp Holdings, Inc. (IT Svs.)
  (a) 7,793     291,380
MaxLinear, Inc. (Semiconductors & Equip.)
  (a) 6,194     361,420
MicroStrategy, Inc. Class A (Software)
  (a) 919     446,928
Mimecast Ltd. (Software)
  (a) 2,444     194,445
Momentive Global, Inc. (Software)
  (a) 15,542     252,713
Monday.com Ltd. (Software)
  (a) 238      37,621
NETGEAR, Inc. (Communications Equip.)
  (a) 9,668     238,606
Onto Innovation, Inc. (Semiconductors & Equip.)
  (a) 1,729     150,233
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 11,988   1,020,419
PagerDuty, Inc. (Software)
  (a) 35,334   1,208,069
PAR Technology Corp. (Electronic Equip., Instr. & Comp.)
  (a) 3,261     131,549
PC Connection, Inc. (Electronic Equip., Instr. & Comp.)
  12,511     655,451
Perficient, Inc. (IT Svs.)
  (a) 6,636     730,557
Ping Identity Holding Corp. (Software)
  (a) 4,375     120,006
Power Integrations, Inc. (Semiconductors & Equip.)
  20,158   1,868,243
Progress Software Corp. (Software)
  16,369     770,816
PROS Holdings, Inc. (Software)
  (a) 9,570     318,777
Q2 Holdings, Inc. (Software)
  (a) 2,114     130,328
Qualys, Inc. (Software)
  (a) 1,699     241,955
Rapid7, Inc. (Software)
  (a) 13,590   1,511,752
Riot Blockchain, Inc. (Software)
  (a) 3,030      64,145
Sailpoint Technologies Holdings, Inc. (Software)
  (a) 12,284     628,695
Semtech Corp. (Semiconductors & Equip.)
  (a) 4,687     324,997
Silicon Laboratories, Inc. (Semiconductors & Equip.)
  (a) 11,727   1,761,395
Sprout Social, Inc. Class A (Software)
  (a) 10,567     846,628
SPS Commerce, Inc. (Software)
  (a) 4,067     533,590
SunPower Corp. (Semiconductors & Equip.)
  (a) 8,593     184,578
Super Micro Computer, Inc. (Tech. Hardware, Storage & Periph.)
  (a) 3,396     129,286
Synaptics, Inc. (Semiconductors & Equip.)
  (a) 6,462   1,289,169
Tenable Holdings, Inc. (Software)
  (a) 20,240   1,169,670
TTEC Holdings, Inc. (IT Svs.)
  3,656     301,693
Ultra Clean Holdings, Inc. (Semiconductors & Equip.)
  (a) 8,538     361,926
Varonis Systems, Inc. (Software)
  (a) 39,224   1,864,709
Verra Mobility Corp. (IT Svs.)
  (a) 10,734     174,750
Workiva, Inc. (Software)
  (a) 12,530   1,478,540
Yext, Inc. (Software)
  (a) 70,778     487,660
       38,126,463
Materials–3.6%
 		     
Avient Corp. (Chemicals)
  17,816     855,168
Cabot Corp. (Chemicals)
  12,355     845,205
Constellium SE (Metals & Mining)
  (a) 29,879     537,822
H.B. Fuller Co. (Chemicals)
  9,020     595,951
Hawkins, Inc. (Chemicals)
  2,602     119,432
Ingevity Corp. (Chemicals)
  (a) 4,255     272,618
Livent Corp. (Chemicals)
  (a) 17,327     451,715
Materion Corp. (Metals & Mining)
  1,825     156,475
MP Materials Corp. (Metals & Mining)
  (a) 16,401     940,433
Novagold Resources, Inc. (Metals & Mining)
  (a) 65,935     509,678
Quaker Chemical Corp. (Chemicals)
  1,818     314,169
Schnitzer Steel Industries, Inc. Class A (Metals & Mining)
  8,371     434,790
Venator Materials PLC (Chemicals)
  (a) 55,792      99,310
Worthington Industries, Inc. (Metals & Mining)
  4,233     217,618
        6,350,384
Real Estate–3.8%
 		     
Braemar Hotels & Resorts, Inc. (Equity REIT)
  51,306     317,071
Broadstone Net Lease, Inc. (Equity REIT)
  2          44
Cushman & Wakefield PLC (Real Estate Mgmt. & Development)
  (a) 11,168     229,056
EastGroup Properties, Inc. (Equity REIT)
  12,780   2,597,918
Marcus & Millichap, Inc. (Real Estate Mgmt. & Development)
  36,996   1,948,949
National Storage Affiliates Trust (Equity REIT)
  12,787     802,512
Outfront Media, Inc. (Equity REIT)
  5,507     156,564
 
53
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage Small Cap Growth Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Real Estate (continued)
 		     
RE Class A (Real Estate Mgmt. & Development)
  6,838 $    189,618
Realogy Holdings Corp. (Real Estate Mgmt. & Development)
  (a) 16,000     250,880
Redfin Corp. (Real Estate Mgmt. & Development)
  (a) 4,977      89,785
        6,582,397
Utilities–0.5%
 		     
Brookfield Infrastructure Corp. Class A (Gas Utilities)
  3,051     230,167
Clearway Energy, Inc. Class A (Ind. Power & Renewable Elec.)
  5,330     177,596
Sunnova Energy International, Inc. (Ind. Power & Renewable Elec.)
  (a) 18,441     425,250
          833,013
Total Common Stocks (Cost $179,489,682)
    $166,683,343
Rights–0.0% Quantity Value
Health Care–0.0%
 		     
Flexion Therapeutics, Inc. CVR (Biotechnology)
  6,185 $      3,835
Prevail Therapeutics, Inc. CVR (Biotechnology)
  2,231       1,115
Total Rights (Cost $4,950)
          $4,950
    
Money Market Funds–2.1% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (b) 3,655,409 $  3,655,043
Total Money Market Funds (Cost $3,655,105)
      $3,655,043
Total Investments – 97.8% (Cost $183,149,737)
  (c)   $170,343,336
Other Assets in Excess of Liabilities – 2.2%
  (d)   3,824,524
Net Assets – 100.0%     $174,167,860
    
 
Percentages are stated as a percent of net assets.
    
Abbreviations:  
ADR: American Depositary Receipts
CVR: Contingent Value Right
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2022.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(d) Includes $228,000 of cash pledged as collateral for the futures contracts outstanding at March 31, 2022. See also the following Schedule of Open Futures Contracts.
The accompanying notes are an integral part of these financial statements.
 Schedule of Open Futures Contracts March 31, 2022 (Unaudited) 
    
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
CME E-mini Russell 2000 Index - Long   38   June 17, 2022   $3,811,741   $3,926,160   $114,419   $(41,990)
The accompanying notes are an integral part of these financial statements.
54
Ohio National Fund, Inc. ON S&P MidCap 400® Index Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–101.1% Shares Value
Communication Services–1.7%
 		     
Cable One, Inc. (Media)
  854 $  1,250,461
Iridium Communications, Inc. (Diversified Telecom. Svs.)
  (a) 22,771     918,127
John Wiley & Sons, Inc. Class A (Media)
  7,483     396,824
New York Times Co. / The Class A (Media)
  28,760   1,318,358
TEGNA, Inc. (Media)
  38,030     851,872
TripAdvisor, Inc. (Interactive Media & Svs.)
  (a) 17,001     461,067
World Wrestling Entertainment, Inc. Class A (Entertainment)
  7,525     469,861
Yelp, Inc. (Interactive Media & Svs.)
  (a) 11,842     403,931
Ziff Davis, Inc. (Interactive Media & Svs.)
  (a) 8,308     804,048
        6,874,549
Consumer Discretionary–14.1%
 		     
Adient PLC (Auto Components)
  (a) 16,293     664,266
American Eagle Outfitters, Inc. (Specialty Retail)
  26,398     443,486
AutoNation, Inc. (Specialty Retail)
  (a) 6,872     684,314
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)
  14,123     929,011
Brunswick Corp. (Leisure Products)
  13,270   1,073,410
Callaway Golf Co. (Leisure Products)
  (a) 20,200     473,084
Capri Holdings Ltd. (Textiles, Apparel & Luxury Goods)
  (a) 25,395   1,305,049
Carter's, Inc. (Textiles, Apparel & Luxury Goods)
  7,281     669,779
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)
  5,655     801,653
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)
  5,912   1,311,163
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)
  5,941     537,839
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)
  4,056     481,569
Crocs, Inc. (Textiles, Apparel & Luxury Goods)
  (a) 10,140     774,696
Dana, Inc. (Auto Components)
  24,888     437,282
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods)
  (a) 4,686   1,282,886
Dick's Sporting Goods, Inc. (Specialty Retail)
  10,824   1,082,616
Five Below, Inc. (Specialty Retail)
  (a) 9,640   1,526,687
Foot Locker, Inc. (Specialty Retail)
  15,022     445,553
Fox Factory Holding Corp. (Auto Components)
  (a) 7,250     710,138
GameStop Corp. Class A (Specialty Retail)
  (a) 10,641   1,772,578
Gap, Inc. / The (Specialty Retail)
  36,702     516,764
Gentex Corp. (Auto Components)
  40,685   1,186,781
Goodyear Tire & Rubber Co. / The (Auto Components)
  (a) 48,412     691,807
Graham Holdings Co. Class B (Diversified Consumer Svs.)
  686     419,468
Grand Canyon Education, Inc. (Diversified Consumer Svs.)
  (a) 6,814     661,708
H&R Block, Inc. (Diversified Consumer Svs.)
  28,307     737,114
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)
  60,014     893,608
Harley-Davidson, Inc. (Automobiles)
  26,493   1,043,824
Helen of Troy Ltd. (Household Durables)
  (a) 4,158     814,303
KB Home (Household Durables)
  14,738     477,216
Kohl's Corp. (Multiline Retail)
  23,945   1,447,715
Lear Corp. (Auto Components)
  10,265   1,463,686
Leggett & Platt, Inc. (Household Durables)
  22,927     797,860
Lithia Motors, Inc. (Specialty Retail)
  5,210   1,563,625
Macy's, Inc. (Multiline Retail)
  51,496   1,254,443
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)
  7,332   1,156,256
Mattel, Inc. (Leisure Products)
  (a) 60,275   1,338,708
Murphy U.S.A., Inc. (Specialty Retail)
  3,947     789,242
Nordstrom, Inc. (Multiline Retail)
  19,185     520,105
Ollie's Bargain Outlet Holdings, Inc. (Multiline Retail)
  (a) 10,101     433,939
Papa John's International, Inc. (Hotels, Restaurants & Leisure)
  5,570     586,410
Polaris, Inc. (Leisure Products)
  9,821   1,034,348
RH (Specialty Retail)
  (a) 2,991     975,335
Scientific Games Corp. (Hotels, Restaurants & Leisure)
  (a) 16,613     976,014
Common Stocks (Continued) Shares Value
Consumer Discretionary (continued)
 		     
Service Corp. International (Diversified Consumer Svs.)
  28,371 $  1,867,379
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)
  (a) 13,301     578,594
Skechers U.S.A., Inc. Class A (Textiles, Apparel & Luxury Goods)
  (a) 23,241     947,303
Taylor Morrison Home Corp. (Household Durables)
  (a) 21,151     575,730
Tempur Sealy International, Inc. (Household Durables)
  33,150     925,548
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)
  11,994   1,004,258
Thor Industries, Inc. (Automobiles)
  9,570     753,159
Toll Brothers, Inc. (Household Durables)
  19,323     908,567
TopBuild Corp. (Household Durables)
  (a) 5,666   1,027,756
Travel + Leisure Co. (Hotels, Restaurants & Leisure)
  14,868     861,452
Tri Pointe Homes, Inc. (Household Durables)
  (a) 19,125     384,030
Urban Outfitters, Inc. (Specialty Retail)
  (a) 11,274     283,090
Victoria's Secret & Co. (Specialty Retail)
  (a) 12,500     642,000
Visteon Corp. (Auto Components)
  (a) 4,828     526,880
Wendy's Co. / The (Hotels, Restaurants & Leisure)
  30,410     668,108
Williams-Sonoma, Inc. (Specialty Retail)
  12,552   1,820,040
Wingstop, Inc. (Hotels, Restaurants & Leisure)
  5,138     602,944
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)
  16,004   1,355,379
YETI Holdings, Inc. (Leisure Products)
  (a) 15,091     905,158
       55,824,713
Consumer Staples–3.7%
 		     
BellRing Brands, Inc. (Personal Products)
  (a) 19,201     443,159
BJ's Wholesale Club Holdings, Inc. (Food & Staples Retailing)
  (a) 23,397   1,581,871
Boston Beer Co., Inc. / The Class A (Beverages)
  (a) 1,617     628,156
Casey's General Stores, Inc. (Food & Staples Retailing)
  6,380   1,264,325
Coty, Inc. Class A (Personal Products)
  (a) 59,152     531,776
Darling Ingredients, Inc. (Food Products)
  (a) 27,840   2,237,779
Energizer Holdings, Inc. (Household Products)
  11,273     346,757
Flowers Foods, Inc. (Food Products)
  34,171     878,536
Grocery Outlet Holding Corp. (Food & Staples Retailing)
  (a) 15,034     492,814
Hain Celestial Group, Inc. / The (Food Products)
  (a) 15,709     540,390
Ingredion, Inc. (Food Products)
  11,464     999,088
Lancaster Colony Corp. (Food Products)
  3,404     507,707
Nu Skin Enterprises, Inc. Class A (Personal Products)
  8,593     411,433
Performance Food Group Co. (Food & Staples Retailing)
  (a) 26,635   1,355,988
Pilgrim's Pride Corp. (Food Products)
  (a) 8,395     210,714
Post Holdings, Inc. (Food Products)
  (a) 9,785     677,709
Sanderson Farms, Inc. (Food Products)
  3,653     684,901
Sprouts Farmers Market, Inc. (Food & Staples Retailing)
  (a) 19,322     617,918
       14,411,021
Energy–3.6%
 		     
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)
  55,823     606,796
ChampionX Corp. (Energy Equip. & Svs.)
  34,816     852,296
CNX Resources Corp. (Oil, Gas & Consumable Fuels)
  (a) 34,813     721,325
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)
  16,666     904,297
EQT Corp. (Oil, Gas & Consumable Fuels)
  51,749   1,780,683
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)
  69,801     589,121
HF Sinclair Corp. (Oil, Gas & Consumable Fuels)
  (a) 25,754   1,026,297
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)
  25,008   1,010,073
 
55
(continued)
Ohio National Fund, Inc. ON S&P MidCap 400® Index Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Energy (continued)      
NOV, Inc. (Energy Equip. & Svs.)
  67,537 $  1,324,401
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)
  16,765   1,218,480
Range Resources Corp. (Oil, Gas & Consumable Fuels)
  (a) 43,001   1,306,370
Targa Resources Corp. (Oil, Gas & Consumable Fuels)
  39,387   2,972,538
       14,312,677
Financials–14.4%
 		     
Affiliated Managers Group, Inc. (Capital Markets)
  6,996     986,086
Alleghany Corp. (Insurance)
  (a) 2,357   1,996,379
American Financial Group, Inc. (Insurance)
  11,393   1,659,049
Associated Banc-Corp. (Banks)
  25,720     585,387
Bank of Hawaii Corp. (Banks)
  6,936     582,069
Bank OZK (Banks)
  20,821     889,057
Brighthouse Financial, Inc. (Insurance)
  (a) 13,391     691,779
Cadence Bank (Banks)
  32,394     947,848
Cathay General Bancorp (Banks)
  13,033     583,227
CNO Financial Group, Inc. (Insurance)
  20,692     519,162
Commerce Bancshares, Inc. (Banks)
  19,007   1,360,711
Cullen / Frost Bankers, Inc. (Banks)
  9,803   1,356,833
East West Bancorp, Inc. (Banks)
  24,413   1,929,115
Essent Group Ltd. (Thrifts & Mortgage Finance)
  19,025     784,020
Evercore, Inc. Class A (Capital Markets)
  6,721     748,182
Federated Hermes, Inc. (Capital Markets)
  16,664     567,576
First American Financial Corp. (Insurance)
  18,890   1,224,450
First Financial Bankshares, Inc. (Banks)
  22,075     973,949
First Horizon Corp. (Banks)
  91,879   2,158,238
FirstCash Holdings, Inc. (Consumer Finance)
  6,920     486,753
FNB Corp. (Banks)
  58,427     727,416
Fulton Financial Corp. (Banks)
  27,720     460,706
Glacier Bancorp, Inc. (Banks)
  18,677     939,080
Hancock Whitney Corp. (Banks)
  14,960     780,164
Hanover Insurance Group, Inc. / The (Insurance)
  6,130     916,558
Home BancShares, Inc. (Banks)
  25,939     586,221
Interactive Brokers Group, Inc. Class A (Capital Markets)
  15,041     991,352
International Bancshares Corp. (Banks)
  9,152     386,306
Janus Henderson Group PLC (Capital Markets)
  29,082   1,018,452
Jefferies Financial Group, Inc. (Capital Markets)
  33,286   1,093,445
Kemper Corp. (Insurance)
  10,297     582,192
Kinsale Capital Group, Inc. (Insurance)
  3,694     842,306
Mercury General Corp. (Insurance)
  4,578     251,790
MGIC Investment Corp. (Thrifts & Mortgage Finance)
  55,079     746,320
Navient Corp. (Consumer Finance)
  26,483     451,270
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)
  80,109     858,768
Old National Bancorp (Banks)
  50,782     831,809
Old Republic International Corp. (Insurance)
  49,142   1,271,304
PacWest Bancorp (Banks)
  20,567     887,055
Pinnacle Financial Partners, Inc. (Banks)
  13,101   1,206,340
Primerica, Inc. (Insurance)
  6,801     930,513
PROG Holdings, Inc. (Consumer Finance)
  (a) 9,801     281,975
Prosperity Bancshares, Inc. (Banks)
  15,873   1,101,269
Reinsurance Group of America, Inc. (Insurance)
  11,554   1,264,701
RenaissanceRe Holdings Ltd. (Insurance)
  7,565   1,199,128
RLI Corp. (Insurance)
  6,862     759,143
SEI Investments Co. (Capital Markets)
  18,098   1,089,681
Selective Insurance Group, Inc. (Insurance)
  10,356     925,412
SLM Corp. (Consumer Finance)
  47,966     880,656
Stifel Financial Corp. (Capital Markets)
  17,976   1,220,570
Synovus Financial Corp. (Banks)
  24,936   1,221,864
Texas Capital Bancshares, Inc. (Banks)
  (a) 8,706     498,941
UMB Financial Corp. (Banks)
  7,417     720,636
Umpqua Holdings Corp. (Banks)
  37,227     702,101
United Bankshares, Inc. (Banks)
  23,498     819,610
Unum Group (Insurance)
  35,202   1,109,215
Valley National Bancorp (Banks)
  72,487     943,781
Common Stocks (Continued) Shares Value
Financials (continued)      
Voya Financial, Inc. (Diversified Financial Svs.)
  18,578 $  1,232,650
Washington Federal, Inc. (Thrifts & Mortgage Finance)
  11,204     367,715
Webster Financial Corp. (Banks)
  30,931   1,735,848
Wintrust Financial Corp. (Banks)
  9,817     912,294
       56,776,427
Health Care–9.0%
 		     
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)
  (a) 15,488   1,014,929
Amedisys, Inc. (Health Care Providers & Svs.)
  (a) 5,616     967,581
Arrowhead Pharmaceuticals, Inc. (Biotechnology)
  (a) 18,140     834,259
Bruker Corp. (Life Sciences Tools & Svs.)
  17,485   1,124,286
Chemed Corp. (Health Care Providers & Svs.)
  2,651   1,342,864
Encompass Health Corp. (Health Care Providers & Svs.)
  17,135   1,218,470
Envista Holdings Corp. (Health Care Equip. & Supplies)
  (a) 27,770   1,352,677
Exelixis, Inc. (Biotechnology)
  (a) 54,470   1,234,835
Globus Medical, Inc. Class A (Health Care Equip. & Supplies)
  (a) 13,581   1,002,006
Haemonetics Corp. (Health Care Equip. & Supplies)
  (a) 8,781     555,135
Halozyme Therapeutics, Inc. (Biotechnology)
  (a) 24,253     967,210
HealthEquity, Inc. (Health Care Providers & Svs.)
  (a) 14,393     970,664
ICU Medical, Inc. (Health Care Equip. & Supplies)
  (a) 3,431     763,878
Integra LifeSciences Holdings Corp. (Health Care Equip. & Supplies)
  (a) 12,518     804,407
Jazz Pharmaceuticals PLC (Pharmaceuticals)
  (a) 10,575   1,646,210
LHC Group, Inc. (Health Care Providers & Svs.)
  (a) 5,442     917,521
LivaNova PLC (Health Care Equip. & Supplies)
  (a) 9,169     750,299
Masimo Corp. (Health Care Equip. & Supplies)
  (a) 8,745   1,272,747
Medpace Holdings, Inc. (Life Sciences Tools & Svs.)
  (a) 4,954     810,425
Neogen Corp. (Health Care Equip. & Supplies)
  (a) 18,535     571,619
Neurocrine Biosciences, Inc. (Biotechnology)
  (a) 16,322   1,530,187
NuVasive, Inc. (Health Care Equip. & Supplies)
  (a) 8,893     504,233
Option Care Health, Inc. (Health Care Providers & Svs.)
  (a) 23,825     680,442
Patterson Cos., Inc. (Health Care Providers & Svs.)
  14,928     483,219
Penumbra, Inc. (Health Care Equip. & Supplies)
  (a) 6,043   1,342,332
Perrigo Co. PLC (Pharmaceuticals)
  23,049     885,773
Progyny, Inc. (Health Care Providers & Svs.)
  (a) 11,991     616,337
Quidel Corp. (Health Care Equip. & Supplies)
  (a) 6,529     734,251
R1 RCM, Inc. (Health Care Providers & Svs.)
  (a) 22,966     614,570
Repligen Corp. (Life Sciences Tools & Svs.)
  (a) 8,846   1,663,844
STAAR Surgical Co. (Health Care Equip. & Supplies)
  (a) 8,187     654,223
Syneos Health, Inc. (Life Sciences Tools & Svs.)
  (a) 17,839   1,444,067
Tandem Diabetes Care, Inc. (Health Care Equip. & Supplies)
  (a) 10,936   1,271,747
Tenet Healthcare Corp. (Health Care Providers & Svs.)
  (a) 18,429   1,584,157
United Therapeutics Corp. (Biotechnology)
  (a) 7,750   1,390,428
       35,521,832
Industrials–18.7%
 		     
Acuity Brands, Inc. (Electrical Equip.)
  6,025   1,140,533
AECOM (Construction & Engineering)
  24,322   1,868,173
AGCO Corp. (Machinery)
  10,558   1,541,785
ASGN, Inc. (Professional Svs.)
  (a) 8,969   1,046,772
Avis Budget Group, Inc. (Road & Rail)
  (a) 6,896   1,815,717
Axon Enterprise, Inc. (Aerospace & Defense)
  (a) 11,779   1,622,322
Brink's Co. / The (Commercial Svs. & Supplies)
  8,453     574,804
Builders FirstSource, Inc. (Building Products)
  (a) 32,950   2,126,593
CACI International, Inc. Class A (Professional Svs.)
  (a) 4,016   1,209,860
Carlisle Cos., Inc. (Building Products)
  8,997   2,212,542
 
56
(continued)
Ohio National Fund, Inc. ON S&P MidCap 400® Index Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Industrials (continued)      
Chart Industries, Inc. (Machinery)
  (a) 6,129 $  1,052,778
Clean Harbors, Inc. (Commercial Svs. & Supplies)
  (a) 8,622     962,560
Colfax Corp. (Machinery)
  (a) 23,385     930,489
Crane Co. (Machinery)
  8,595     930,667
Curtiss-Wright Corp. (Aerospace & Defense)
  6,760   1,015,082
Donaldson Co., Inc. (Machinery)
  21,277   1,104,915
Dycom Industries, Inc. (Construction & Engineering)
  (a) 5,183     493,733
EMCOR Group, Inc. (Construction & Engineering)
  9,191   1,035,182
EnerSys (Electrical Equip.)
  7,097     529,223
Flowserve Corp. (Machinery)
  22,380     803,442
Fluor Corp. (Construction & Engineering)
  (a) 24,333     698,114
FTI Consulting, Inc. (Professional Svs.)
  (a) 5,894     926,655
GATX Corp. (Trading Companies & Distributors)
  6,115     754,163
Graco, Inc. (Machinery)
  29,245   2,038,961
GXO Logistics, Inc. (Air Freight & Logistics)
  (a) 16,964   1,210,212
Hexcel Corp. (Aerospace & Defense)
  14,457     859,758
Hubbell, Inc. (Electrical Equip.)
  9,363   1,720,639
IAA, Inc. (Commercial Svs. & Supplies)
  (a) 23,226     888,395
Insperity, Inc. (Professional Svs.)
  6,137     616,278
ITT, Inc. (Machinery)
  14,729   1,107,768
JetBlue Airways Corp. (Airlines)
  (a) 54,757     818,617
KBR, Inc. (Professional Svs.)
  24,143   1,321,346
Kennametal, Inc. (Machinery)
  14,294     408,951
Kirby Corp. (Marine)
  (a) 10,356     747,600
Knight-Swift Transportation Holdings, Inc. (Road & Rail)
  28,553   1,440,784
Landstar System, Inc. (Road & Rail)
  6,484     977,982
Lennox International, Inc. (Building Products)
  5,793   1,493,783
Lincoln Electric Holdings, Inc. (Machinery)
  10,161   1,400,287
ManpowerGroup, Inc. (Professional Svs.)
  9,343     877,495
MasTec, Inc. (Construction & Engineering)
  (a) 10,126     881,975
MDU Resources Group, Inc. (Construction & Engineering)
  34,952     931,471
Mercury Systems, Inc. (Aerospace & Defense)
  (a) 9,761     629,096
Middleby Corp. / The (Machinery)
  (a) 9,571   1,569,070
MillerKnoll, Inc. (Commercial Svs. & Supplies)
  13,019     449,937
MSA Safety, Inc. (Commercial Svs. & Supplies)
  6,281     833,489
MSC Industrial Direct Co., Inc. Class A (Trading Companies & Distributors)
  8,111     691,138
nVent Electric PLC (Electrical Equip.)
  28,962   1,007,298
Oshkosh Corp. (Machinery)
  11,459   1,153,348
Owens Corning (Building Products)
  17,289   1,581,943
Regal Rexnord Corp. (Electrical Equip.)
  11,659   1,734,626
Ryder System, Inc. (Road & Rail)
  9,249     733,723
Saia, Inc. (Road & Rail)
  (a) 4,532   1,104,992
Simpson Manufacturing Co., Inc. (Building Products)
  7,482     815,837
Stericycle, Inc. (Commercial Svs. & Supplies)
  (a) 15,827     932,527
Sunrun, Inc. (Electrical Equip.)
  (a) 35,635   1,082,235
Terex Corp. (Machinery)
  11,980     427,207
Tetra Tech, Inc. (Commercial Svs. & Supplies)
  9,286   1,531,633
Timken Co. / The (Machinery)
  11,859     719,841
Toro Co. / The (Machinery)
  18,051   1,543,180
Trex Co., Inc. (Building Products)
  (a) 19,806   1,293,926
Trinity Industries, Inc. (Machinery)
  14,045     482,586
Univar Solutions, Inc. (Trading Companies & Distributors)
  (a) 29,442     946,266
Valmont Industries, Inc. (Construction & Engineering)
  3,657     872,560
Vicor Corp. (Electrical Equip.)
  (a) 3,682     259,765
Watsco, Inc. (Trading Companies & Distributors)
  5,682   1,730,964
Watts Water Technologies, Inc. Class A (Machinery)
  4,748     662,773
Werner Enterprises, Inc. (Road & Rail)
  10,300     422,300
Woodward, Inc. (Aerospace & Defense)
  10,850   1,355,273
XPO Logistics, Inc. (Road & Rail)
  (a) 16,975   1,235,780
       73,941,719
Information Technology–14.8%
 		     
ACI Worldwide, Inc. (Software)
  (a) 20,254     637,798
Common Stocks (Continued) Shares Value
Information Technology (continued)
 		     
Alliance Data Systems Corp. (IT Svs.)
  8,563 $    480,812
Amkor Technology, Inc. (Semiconductors & Equip.)
  17,207     373,736
Arrow Electronics, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 11,711   1,389,276
Aspen Technology, Inc. (Software)
  (a) 11,469   1,896,629
Avnet, Inc. (Electronic Equip., Instr. & Comp.)
  17,036     691,491
Azenta, Inc. (Semiconductors & Equip.)
  12,891   1,068,406
Belden, Inc. (Electronic Equip., Instr. & Comp.)
  7,709     427,079
Blackbaud, Inc. (Software)
  (a) 7,686     460,161
Calix, Inc. (Communications Equip.)
  (a) 9,447     405,371
CDK Global, Inc. (Software)
  20,086     977,786
Ciena Corp. (Communications Equip.)
  (a) 26,652   1,615,911
Cirrus Logic, Inc. (Semiconductors & Equip.)
  (a) 9,858     835,860
CMC Materials, Inc. (Semiconductors & Equip.)
  4,918     911,797
Cognex Corp. (Electronic Equip., Instr. & Comp.)
  30,420   2,346,903
Coherent, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 4,263   1,165,334
CommVault Systems, Inc. (Software)
  (a) 7,662     508,374
Concentrix Corp. (IT Svs.)
  7,381   1,229,379
Digital Turbine, Inc. (Software)
  (a) 15,175     664,817
Envestnet, Inc. (Software)
  (a) 9,414     700,778
Euronet Worldwide, Inc. (IT Svs.)
  (a) 9,096   1,183,844
Fair Isaac Corp. (Software)
  (a) 4,521   2,108,866
First Solar, Inc. (Semiconductors & Equip.)
  (a) 17,016   1,424,920
Genpact Ltd. (IT Svs.)
  29,330   1,276,148
II-VI, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 18,294   1,326,132
Jabil, Inc. (Electronic Equip., Instr. & Comp.)
  24,687   1,523,929
Kyndryl Holdings, Inc. (IT Svs.)
  (a) 30,887     405,237
Lattice Semiconductor Corp. (Semiconductors & Equip.)
  (a) 23,561   1,436,043
Littelfuse, Inc. (Electronic Equip., Instr. & Comp.)
  4,239   1,057,249
LiveRamp Holdings, Inc. (IT Svs.)
  (a) 11,685     436,902
Lumentum Holdings, Inc. (Communications Equip.)
  (a) 12,418   1,211,997
Manhattan Associates, Inc. (Software)
  (a) 10,865   1,507,084
Maximus, Inc. (IT Svs.)
  10,652     798,367
Mimecast Ltd. (Software)
  (a) 10,712     852,247
MKS Instruments, Inc. (Semiconductors & Equip.)
  9,543   1,431,450
National Instruments Corp. (Electronic Equip., Instr. & Comp.)
  22,711     921,839
NCR Corp. (Tech. Hardware, Storage & Periph.)
  (a) 22,731     913,559
Paylocity Holding Corp. (Software)
  (a) 6,825   1,404,380
Power Integrations, Inc. (Semiconductors & Equip.)
  10,180     943,482
Qualys, Inc. (Software)
  (a) 5,753     819,285
Sabre Corp. (IT Svs.)
  (a) 55,698     636,628
Sailpoint Technologies Holdings, Inc. (Software)
  (a) 16,060     821,951
Science Applications International Corp. (IT Svs.)
  9,794     902,713
Semtech Corp. (Semiconductors & Equip.)
  (a) 11,088     768,842
Silicon Laboratories, Inc. (Semiconductors & Equip.)
  (a) 6,573     987,265
SiTime Corp. (Semiconductors & Equip.)
  (a) 2,574     637,889
SunPower Corp. (Semiconductors & Equip.)
  (a) 14,345     308,131
Synaptics, Inc. (Semiconductors & Equip.)
  (a) 6,801   1,356,800
TD SYNNEX Corp. (Electronic Equip., Instr. & Comp.)
  7,130     735,887
Teradata Corp. (Software)
  (a) 18,685     920,984
Universal Display Corp. (Semiconductors & Equip.)
  7,460   1,245,447
Viasat, Inc. (Communications Equip.)
  (a) 12,800     624,640
Vishay Intertechnology, Inc. (Electronic Equip., Instr. & Comp.)
  22,814     447,154
Vontier Corp. (Electronic Equip., Instr. & Comp.)
  29,039     737,300
Western Union Co. / The (IT Svs.)
  67,756   1,269,747
WEX, Inc. (IT Svs.)
  (a) 7,711   1,376,028
 
57
(continued)
Ohio National Fund, Inc. ON S&P MidCap 400® Index Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Information Technology (continued)
 		     
Wolfspeed, Inc. (Semiconductors & Equip.)
  (a) 21,263 $  2,421,005
Xerox Holdings Corp. (Tech. Hardware, Storage & Periph.)
  21,117     425,930
       58,394,999
Materials–7.5%
 		     
Alcoa Corp. (Metals & Mining)
  31,679   2,852,060
AptarGroup, Inc. (Containers & Packaging)
  11,328   1,331,040
Ashland Global Holdings, Inc. (Chemicals)
  9,106     896,121
Avient Corp. (Chemicals)
  15,761     756,528
Cabot Corp. (Chemicals)
  9,729     665,561
Chemours Co. / The (Chemicals)
  27,530     866,644
Cleveland-Cliffs, Inc. (Metals & Mining)
  (a) 82,269   2,649,884
Commercial Metals Co. (Metals & Mining)
  20,904     870,024
Eagle Materials, Inc. (Construction Materials)
  6,796     872,335
Greif, Inc. Class A (Containers & Packaging)
  4,548     295,893
Ingevity Corp. (Chemicals)
  (a) 6,752     432,601
Louisiana-Pacific Corp. (Paper & Forest Products)
  15,148     940,994
Minerals Technologies, Inc. (Chemicals)
  5,725     378,709
NewMarket Corp. (Chemicals)
  1,177     381,795
Olin Corp. (Chemicals)
  24,279   1,269,306
Reliance Steel & Aluminum Co. (Metals & Mining)
  10,781   1,976,696
Royal Gold, Inc. (Metals & Mining)
  11,295   1,595,758
RPM International, Inc. (Chemicals)
  22,313   1,817,171
Scotts Miracle-Gro Co. / The (Chemicals)
  6,977     857,892
Sensient Technologies Corp. (Chemicals)
  7,230     606,959
Silgan Holdings, Inc. (Containers & Packaging)
  14,447     667,885
Sonoco Products Co. (Containers & Packaging)
  16,938   1,059,641
Steel Dynamics, Inc. (Metals & Mining)
  32,440   2,706,469
United States Steel Corp. (Metals & Mining)
  44,896   1,694,375
Valvoline, Inc. (Chemicals)
  30,855     973,784
Worthington Industries, Inc. (Metals & Mining)
  5,609     288,359
       29,704,484
Real Estate–10.2%
 		     
American Campus Communities, Inc. (Equity REIT)
  23,943   1,340,090
Apartment Income REIT Corp. (Equity REIT)
  27,011   1,444,008
Brixmor Property Group, Inc. (Equity REIT)
  51,235   1,322,375
Camden Property Trust (Equity REIT)
  17,586   2,922,793
Corporate Office Properties Trust (Equity REIT)
  19,359     552,506
Cousins Properties, Inc. (Equity REIT)
  25,603   1,031,545
Douglas Emmett, Inc. (Equity REIT)
  30,217   1,009,852
EastGroup Properties, Inc. (Equity REIT)
  7,000   1,422,960
EPR Properties (Equity REIT)
  12,870     704,118
First Industrial Realty Trust, Inc. (Equity REIT)
  22,423   1,388,208
Healthcare Realty Trust, Inc. (Equity REIT)
  25,343     696,426
Highwoods Properties, Inc. (Equity REIT)
  18,052     825,699
Hudson Pacific Properties, Inc. (Equity REIT)
  26,247     728,354
JBG SMITH Properties (Equity REIT)
  19,602     572,770
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)
  (a) 8,682   2,078,992
Kilroy Realty Corp. (Equity REIT)
  18,073   1,381,139
Common Stocks (Continued) Shares Value
Real Estate (continued)
 		     
Kite Realty Group Trust (Equity REIT)
  37,722 $    858,930
Lamar Advertising Co. Class A (Equity REIT)
  14,937   1,735,381
Life Storage, Inc. (Equity REIT)
  14,115   1,982,169
Macerich Co. / The (Equity REIT)
  36,649     573,190
Medical Properties Trust, Inc. (Equity REIT)
  102,692   2,170,909
National Retail Properties, Inc. (Equity REIT)
  30,226   1,358,356
National Storage Affiliates Trust (Equity REIT)
  14,111     885,606
Omega Healthcare Investors, Inc. (Equity REIT)
  41,147   1,282,141
Park Hotels & Resorts, Inc. (Equity REIT)
  40,728     795,418
Pebblebrook Hotel Trust (Equity REIT)
  22,562     552,318
Physicians Realty Trust (Equity REIT)
  37,926     665,222
PotlatchDeltic Corp. (Equity REIT)
  11,882     626,538
PS Business Parks, Inc. (Equity REIT)
  3,453     580,380
Rayonier, Inc. (Equity REIT)
  25,012   1,028,493
Rexford Industrial Realty, Inc. (Equity REIT)
  27,571   2,056,521
Sabra Health Care REIT, Inc. (Equity REIT)
  39,310     585,326
SL Green Realty Corp. (Equity REIT)
  11,029     895,334
Spirit Realty Capital, Inc. (Equity REIT)
  21,969   1,011,013
STORE Capital Corp. (Equity REIT)
  42,235   1,234,529
       40,299,609
Utilities–3.4%
 		     
ALLETE, Inc. (Electric Utilities)
  9,055     606,504
Black Hills Corp. (Multi-Utilities)
  10,974     845,218
Essential Utilities, Inc. (Water Utilities)
  39,595   2,024,492
Hawaiian Electric Industries, Inc. (Electric Utilities)
  18,800     795,428
IDACORP, Inc. (Electric Utilities)
  8,686   1,002,017
National Fuel Gas Co. (Gas Utilities)
  15,740   1,081,338
New Jersey Resources Corp. (Gas Utilities)
  16,505     756,919
NorthWestern Corp. (Multi-Utilities)
  9,319     563,706
OGE Energy Corp. (Electric Utilities)
  34,419   1,403,607
ONE Gas, Inc. (Gas Utilities)
  9,212     812,867
PNM Resources, Inc. (Electric Utilities)
  14,787     704,896
Southwest Gas Holdings, Inc. (Gas Utilities)
  11,337     887,574
Spire, Inc. (Gas Utilities)
  8,916     639,812
UGI Corp. (Gas Utilities)
  36,107   1,307,796
       13,432,174
Total Common Stocks (Cost $310,704,696)
    $399,494,204
    
U.S. Treasury Obligations–0.0% Rate Maturity Face Amount Value
U.S. Treasury Bill   (b) 0.000% 01/26/2023 $  100,000 $     98,872
Total U.S. Treasury Obligations (Cost $98,988)
     $98,872
    
Money Market Funds–0.4% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (c) 1,477,634 $  1,477,486
Total Money Market Funds (Cost $1,477,447)
      $1,477,486
Total Investments – 101.5% (Cost $312,281,131)
  (d)   $401,070,562
Liabilities in Excess of Other Assets – (1.5)%
  (b)   (5,828,027)
Net Assets – 100.0%     $395,242,535
    
 
Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Non-income producing security.
(b) Security is fully pledged, in addition to $9,087 of the Portfolio’s cash holdings, as collateral for the futures contracts outstanding at March 31, 2022. See also the following Schedule of Open Futures Contracts.
(c) Rate represents the seven-day yield at March 31, 2022.
(d) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
58
Ohio National Fund, Inc. ON S&P MidCap 400® Index Portfolio (Continued)
 Schedule of Open Futures Contracts March 31, 2022 (Unaudited) 
    
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
CME E-mini S&P MidCap 400 Index - Long   6   June 17, 2022   $1,602,942   $1,613,520   $10,578   $(23,100)
The accompanying notes are an integral part of these financial statements.
59
Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Growth Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–97.5% Shares Value
Communication Services–10.1%
 		     
Alphabet, Inc. Class A (Interactive Media & Svs.)
  (a) 477 $ 1,326,704
Alphabet, Inc. Class C (Interactive Media & Svs.)
  (a) 792   2,212,048
Altice U.S.A., Inc. Class A (Media)
  (a) 11,417     142,484
Booking Holdings, Inc. (Internet & Direct Marketing Retail)
  (a) 98     230,148
Charter Communications, Inc. Class A (Media)
  (a) 487     265,668
Comcast Corp. Class A (Media)
  6,014     281,576
Fox Corp. Class A (Media)
  10,207     402,666
Meta Platforms, Inc. Class A (Interactive Media & Svs.)
  (a) 8,344   1,855,372
Netflix, Inc. (Entertainment)
  (a) 228      85,407
Pinterest, Inc. Class A (Interactive Media & Svs.)
  (a) 845      20,796
ROBLOX Corp. Class A (Entertainment)
  (a) 2,218     102,560
Roku, Inc. (Entertainment)
  (a) 694      86,937
Snap, Inc. Class A (Interactive Media & Svs.)
  (a) 1,291      46,463
Spotify Technology SA (Entertainment)
  (a) 1,860     280,897
Zynga, Inc. Class A (Entertainment)
  (a) 1,631     15,070
       7,354,796
Consumer Discretionary–17.3%
 		     
Amazon.com, Inc. (Internet & Direct Marketing Retail)
  (a) 1,195   3,895,640
Best Buy Co., Inc. (Specialty Retail)
  184      16,726
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)
  771     109,297
Dick's Sporting Goods, Inc. (Specialty Retail)
  181      18,104
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)
  313     127,394
eBay, Inc. (Internet & Direct Marketing Retail)
  1,367      78,274
Etsy, Inc. (Internet & Direct Marketing Retail)
  (a) 1,936     240,606
Expedia Group, Inc. (Hotels, Restaurants & Leisure)
  (a) 552     108,010
Garmin Ltd. (Household Durables)
  886     105,089
General Motors Co. (Automobiles)
  (a) 1,476      64,560
H&R Block, Inc. (Diversified Consumer Svs.)
  2,001      52,106
Home Depot, Inc. / The (Specialty Retail)
  4,937   1,477,792
Lowe's Cos., Inc. (Specialty Retail)
  2,250     454,928
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)
  (a) 436     159,240
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)
  (a) 331      58,173
McDonald's Corp. (Hotels, Restaurants & Leisure)
  673     166,419
MercadoLibre, Inc. (Internet & Direct Marketing Retail)
  (a) 112     133,222
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)
  3,285     442,030
Pool Corp. (Distributors)
  59      24,948
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)
  799      90,639
Ross Stores, Inc. (Specialty Retail)
  531      48,034
Service Corp. International (Diversified Consumer Svs.)
  1,327      87,343
Target Corp. (Multiline Retail)
  2,427     515,058
Tesla, Inc. (Automobiles)
  (a) 2,902   3,127,195
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)
  237      19,844
TJX Cos., Inc. / The (Specialty Retail)
  385      23,323
Travel + Leisure Co. (Hotels, Restaurants & Leisure)
  7,926     459,233
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods)
  (a) 1,225      20,850
Whirlpool Corp. (Household Durables)
  545      94,165
Common Stocks (Continued) Shares Value
Consumer Discretionary (continued)
 		     
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)
  87 $     7,368
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)
  3,259    386,289
      12,611,899
Consumer Staples–3.6%
 		     
Brown-Forman Corp. Class B (Beverages)
  4,709     315,597
Coca-Cola Europacific Partners PLC (Beverages)
  1,489      72,381
Colgate-Palmolive Co. (Household Products)
  9,814     744,196
Costco Wholesale Corp. (Food & Staples Retailing)
  1,085     624,797
Estee Lauder Cos., Inc. / The Class A (Personal Products)
  1,416     385,605
PepsiCo, Inc. (Beverages)
  3,082    515,865
       2,658,441
Energy–0.9%
 		     
Devon Energy Corp. (Oil, Gas & Consumable Fuels)
  954      56,410
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)
  1,924     229,399
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)
  966      79,782
Halliburton Co. (Energy Equip. & Svs.)
  1,344      50,897
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)
  4,579     114,979
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)
  218      11,787
Schlumberger N.V. (Energy Equip. & Svs.)
  2,753    113,726
         656,980
Financials–2.7%
 		     
American Express Co. (Consumer Finance)
  2,446     457,402
Bank of America Corp. (Banks)
  1,872      77,164
Blackstone, Inc. (Capital Markets)
  1,224     155,375
Discover Financial Services (Consumer Finance)
  110      12,121
FactSet Research Systems, Inc. (Capital Markets)
  168      72,937
Moody's Corp. (Capital Markets)
  851     287,136
S&P Global, Inc. (Capital Markets)
  1,237     507,393
Voya Financial, Inc. (Diversified Financial Svs.)
  6,350    421,322
       1,990,850
Health Care–8.7%
 		     
AbbVie, Inc. (Biotechnology)
  2,290     371,232
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)
  7,381     976,728
Align Technology, Inc. (Health Care Equip. & Supplies)
  (a) 716     312,176
Amgen, Inc. (Biotechnology)
  2,134     516,044
Anthem, Inc. (Health Care Providers & Svs.)
  38      18,666
Biogen, Inc. (Biotechnology)
  (a) 293      61,706
Boston Scientific Corp. (Health Care Equip. & Supplies)
  (a) 4,615     204,398
Bruker Corp. (Life Sciences Tools & Svs.)
  1,561     100,372
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)
  (a) 31       8,803
Danaher Corp. (Life Sciences Tools & Svs.)
  890     261,064
Dexcom, Inc. (Health Care Equip. & Supplies)
  (a) 27      13,813
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)
  (a) 1,112     130,905
Eli Lilly & Co. (Pharmaceuticals)
  1,235     353,667
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)
  (a) 1,264     691,484
 
60
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Growth Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
Masimo Corp. (Health Care Equip. & Supplies)
  (a) 174 $    25,324
Merck & Co., Inc. (Pharmaceuticals)
  2,379     195,197
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)
  (a) 362     497,095
Molina Healthcare, Inc. (Health Care Providers & Svs.)
  (a) 168      56,043
Penumbra, Inc. (Health Care Equip. & Supplies)
  (a) 123      27,322
Syneos Health, Inc. (Life Sciences Tools & Svs.)
  (a) 4,262     345,009
Teladoc Health, Inc. (Health Care Technology)
  (a) 653      47,101
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)
  387     228,581
Zoetis, Inc. (Pharmaceuticals)
  4,963    935,972
       6,378,702
Industrials–5.5%
 		     
Boeing Co. / The (Aerospace & Defense)
  (a) 354      67,791
Builders FirstSource, Inc. (Building Products)
  (a) 263      16,974
Caterpillar, Inc. (Machinery)
  413      92,025
Curtiss-Wright Corp. (Aerospace & Defense)
  800     120,128
Delta Air Lines, Inc. (Airlines)
  (a) 2,164      85,630
Eaton Corp. PLC (Electrical Equip.)
  1,544     234,318
Equifax, Inc. (Professional Svs.)
  200      47,420
Expeditors International of Washington, Inc. (Air Freight & Logistics)
  409      42,192
General Dynamics Corp. (Aerospace & Defense)
  1,648     397,465
HEICO Corp. (Aerospace & Defense)
  411      63,105
HEICO Corp. Class A (Aerospace & Defense)
  2,828     358,675
Honeywell International, Inc. (Industrial Conglomerates)
  40       7,783
Illinois Tool Works, Inc. (Machinery)
  1,942     406,655
Landstar System, Inc. (Road & Rail)
  2,199     331,675
Lockheed Martin Corp. (Aerospace & Defense)
  468     206,575
MasTec, Inc. (Construction & Engineering)
  (a) 199      17,333
Old Dominion Freight Line, Inc. (Road & Rail)
  487     145,457
Owens Corning (Building Products)
  222      20,313
Roper Technologies, Inc. (Industrial Conglomerates)
  136      64,223
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)
  (a) 3,089     499,460
United Parcel Service, Inc. Class B (Air Freight & Logistics)
  3,831    821,596
       4,046,793
Information Technology–45.5%
 		     
Accenture PLC Class A (IT Svs.)
  1,365     460,319
Adobe, Inc. (Software)
  (a) 2,619   1,193,269
Advanced Micro Devices, Inc. (Semiconductors & Equip.)
  (a) 8,720     953,445
Apple, Inc. (Tech. Hardware, Storage & Periph.)
  43,673   7,625,742
Applied Materials, Inc. (Semiconductors & Equip.)
  2,231     294,046
Atlassian Corp. PLC Class A (Software)
  (a) 393     115,475
Autodesk, Inc. (Software)
  (a) 359      76,952
Automatic Data Processing, Inc. (IT Svs.)
  1,507     342,903
Block, Inc. (IT Svs.)
  (a) 1,188     161,093
Broadcom, Inc. (Semiconductors & Equip.)
  811     510,670
Cadence Design Systems, Inc. (Software)
  (a) 4,253     699,448
Ciena Corp. (Communications Equip.)
  (a) 838      50,808
Cloudflare, Inc. Class A (IT Svs.)
  (a) 180      21,546
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.)
  (a) 12,226     613,623
Dynatrace, Inc. (Software)
  (a) 508      23,927
EPAM Systems, Inc. (IT Svs.)
  (a) 180      53,390
Fidelity National Information Services, Inc. (IT Svs.)
  1,319     132,454
Flex Ltd. (Electronic Equip., Instr. & Comp.)
  (a) 421       7,809
Common Stocks (Continued) Shares Value
Information Technology (continued)
 		     
Fortinet, Inc. (Software)
  (a) 683 $   233,408
Gartner, Inc. (IT Svs.)
  (a) 260      77,340
HP, Inc. (Tech. Hardware, Storage & Periph.)
  13,055     473,896
HubSpot, Inc. (Software)
  (a) 431     204,699
Intel Corp. (Semiconductors & Equip.)
  6,970     345,433
Intuit, Inc. (Software)
  1,829     879,456
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 2,173     343,269
KLA Corp. (Semiconductors & Equip.)
  810     296,509
Lam Research Corp. (Semiconductors & Equip.)
  608     326,867
Lattice Semiconductor Corp. (Semiconductors & Equip.)
  (a) 1,381      84,172
Manhattan Associates, Inc. (Software)
  (a) 222      30,794
Mastercard, Inc. Class A (IT Svs.)
  2,662     951,346
MaxLinear, Inc. (Semiconductors & Equip.)
  (a) 680      39,678
Microsoft Corp. (Software)
  20,413   6,293,532
Monolithic Power Systems, Inc. (Semiconductors & Equip.)
  397     192,815
National Instruments Corp. (Electronic Equip., Instr. & Comp.)
  566      22,974
NVIDIA Corp. (Semiconductors & Equip.)
  7,847   2,141,132
NXP Semiconductors N.V. (Semiconductors & Equip.)
  1,180     218,394
Palo Alto Networks, Inc. (Software)
  (a) 385     239,666
Paycom Software, Inc. (Software)
  (a) 530     183,581
PayPal Holdings, Inc. (IT Svs.)
  (a) 6,204     717,493
QUALCOMM, Inc. (Semiconductors & Equip.)
  5,083     776,784
Rapid7, Inc. (Software)
  (a) 159      17,687
RingCentral, Inc. Class A (Software)
  (a) 709      83,102
salesforce.com, Inc. (Software)
  (a) 1,665     353,513
ServiceNow, Inc. (Software)
  (a) 2,212   1,231,841
Silicon Laboratories, Inc. (Semiconductors & Equip.)
  (a) 1,094     164,319
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)
  968     126,789
Teradyne, Inc. (Semiconductors & Equip.)
  368      43,509
Trade Desk, Inc. / The Class A (Software)
  (a) 540      37,395
Visa, Inc. (IT Svs.)
  8,759   1,942,483
Workday, Inc. Class A (Software)
  (a) 3,039     727,719
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.)
  (a) 146     60,400
      33,198,914
Materials–1.2%
 		     
Ecolab, Inc. (Chemicals)
  3,616     638,441
Freeport-McMoRan, Inc. (Metals & Mining)
  1,420      70,631
Linde PLC (Chemicals)
  193      61,650
Reliance Steel & Aluminum Co. (Metals & Mining)
  655    120,094
         890,816
Real Estate–1.6%
 		     
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)
  (a) 672      61,501
Crown Castle International Corp. (Equity REIT)
  1,160     214,136
CubeSmart (Equity REIT)
  2,214     115,194
Equity LifeStyle Properties, Inc. (Equity REIT)
  1,353     103,477
Extra Space Storage, Inc. (Equity REIT)
  1,678     344,997
Prologis, Inc. (Equity REIT)
  1,945     314,079
Sun Communities, Inc. (Equity REIT)
  154      26,995
Zillow Group, Inc. Class A (Real Estate Mgmt. & Development)
  (a) 200      9,646
       1,190,025
Utilities–0.4%
 		     
Entergy Corp. (Electric Utilities)
  2,291    267,474
Total Common Stocks (Cost $64,833,443)
    $71,245,690
    
 
61
(continued)
Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Growth Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Money Market Funds–1.5% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (b) 1,082,645 $ 1,082,537
Total Money Market Funds (Cost $1,082,559)
     $1,082,537
Total Investments – 99.0% (Cost $65,916,002)
  (c)   $72,328,227
Other Assets in Excess of Liabilities – 1.0%
  (d)   699,597
Net Assets – 100.0%     $73,027,824
    
Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2022.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(d) Includes $51,000 of cash pledged as collateral for the futures contracts outstanding at March 31, 2022. See also the following Schedule of Open Futures Contracts.
The accompanying notes are an integral part of these financial statements.
 Schedule of Open Futures Contracts March 31, 2022 (Unaudited) 
    
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
CME E-mini Nasdaq-100 Index - Long   3   June 17, 2022   $801,544   $892,125   $90,581   $(12,165)
The accompanying notes are an integral part of these financial statements.
62
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–49.1% Shares Value
Communication Services–5.0%
 		     
Alphabet, Inc. Class C (Interactive Media & Svs.)
  (a) 5,144 $ 14,367,140
Comcast Corp. Class A (Media)
  15,457      723,697
Electronic Arts, Inc. (Entertainment)
  6,938      877,726
Meta Platforms, Inc. Class A (Interactive Media & Svs.)
  (a) 12,499    2,779,278
Verizon Communications, Inc. (Diversified Telecom. Svs.)
  22,017   1,121,546
       19,869,387
Consumer Discretionary–5.8%
 		     
Amazon.com, Inc. (Internet & Direct Marketing Retail)
  (a) 2,595    8,459,570
AutoZone, Inc. (Specialty Retail)
  (a) 1,229    2,512,789
Burlington Stores, Inc. (Specialty Retail)
  (a) 4,306      784,424
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods)
  (a) 1,543      422,427
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)
  2,230      907,632
Etsy, Inc. (Internet & Direct Marketing Retail)
  (a) 7,384      917,684
Home Depot, Inc. / The (Specialty Retail)
  13,108    3,923,618
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)
  22,309    3,001,899
O'Reilly Automotive, Inc. (Specialty Retail)
  (a) 2,343    1,604,861
Service Corp. International (Diversified Consumer Svs.)
  7,662     504,313
       23,039,217
Consumer Staples–3.7%
 		     
Altria Group, Inc. (Tobacco)
  15,540      811,965
Coca-Cola Co. / The (Beverages)
  28,613    1,774,006
Colgate-Palmolive Co. (Household Products)
  4,720      357,918
Costco Wholesale Corp. (Food & Staples Retailing)
  6,264    3,607,124
General Mills, Inc. (Food Products)
  7,485      506,884
Koninklijke Ahold Delhaize N.V. – ADR (Food & Staples Retailing)
  34,710    1,118,009
Monster Beverage Corp. (Beverages)
  (a) 23,829    1,903,937
Philip Morris International, Inc. (Tobacco)
  13,590    1,276,645
Procter & Gamble Co. / The (Household Products)
  9,880    1,509,664
Walmart, Inc. (Food & Staples Retailing)
  12,672   1,887,114
       14,753,266
Energy–0.3%
 		     
Shell PLC – ADR (Oil, Gas & Consumable Fuels)
  22,573   1,239,935
Financials–2.9%
 		     
CME Group, Inc. (Capital Markets)
  4,847    1,152,907
Everest Re Group Ltd. (Insurance)
  3,020      910,168
Houlihan Lokey, Inc. (Capital Markets)
  10,563      927,431
Intercontinental Exchange, Inc. (Capital Markets)
  9,459    1,249,723
JPMorgan Chase & Co. (Banks)
  10,361    1,412,412
Marsh & McLennan Cos., Inc. (Insurance)
  6,262    1,067,170
Progressive Corp. / The (Insurance)
  12,755    1,453,943
S&P Global, Inc. (Capital Markets)
  3,740    1,534,073
Selective Insurance Group, Inc. (Insurance)
  5,748      513,641
U.S. Bancorp (Banks)
  8,711      462,990
Willis Towers Watson PLC (Insurance)
  3,095     731,101
       11,415,559
Health Care–8.6%
 		     
AbbVie, Inc. (Biotechnology)
  10,904    1,767,648
ABIOMED, Inc. (Health Care Equip. & Supplies)
  (a) 1,687      558,802
Align Technology, Inc. (Health Care Equip. & Supplies)
  (a) 3,375    1,471,500
Anthem, Inc. (Health Care Providers & Svs.)
  2,116    1,039,422
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)
  (a) 18,529    2,181,234
Eli Lilly & Co. (Pharmaceuticals)
  3,681    1,054,128
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)
  (a) 2,835    1,550,915
Illumina, Inc. (Life Sciences Tools & Svs.)
  (a) 1,240      433,256
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)
  (a) 10,366    3,127,215
Johnson & Johnson (Pharmaceuticals)
  4,300      762,089
Merck & Co., Inc. (Pharmaceuticals)
  20,266    1,662,825
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)
  (a) 300      411,957
Roche Holding AG – ADR (Pharmaceuticals)
  29,086    1,437,139
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)
  2,139    1,263,400
UnitedHealth Group, Inc. (Health Care Providers & Svs.)
  13,258    6,761,182
Veeva Systems, Inc. Class A (Health Care Technology)
  (a) 5,691    1,209,110
63
(continued)
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
Vertex Pharmaceuticals, Inc. (Biotechnology)
  (a) 14,646 $  3,822,167
Zoetis, Inc. (Pharmaceuticals)
  20,492   3,864,586
       34,378,575
Industrials–2.7%
 		     
AECOM (Construction & Engineering)
  8,190      629,074
Allegion PLC (Building Products)
  7,390      811,274
AMETEK, Inc. (Electrical Equip.)
  6,600      878,988
Copart, Inc. (Commercial Svs. & Supplies)
  (a) 14,871    1,865,864
Generac Holdings, Inc. (Electrical Equip.)
  (a) 1,390      413,191
IDEX Corp. (Machinery)
  3,610      692,145
Northrop Grumman Corp. (Aerospace & Defense)
  4,017    1,796,483
Oshkosh Corp. (Machinery)
  4,200      422,730
RELX PLC – ADR (Professional Svs.)
  15,600      485,160
Roper Technologies, Inc. (Industrial Conglomerates)
  4,476    2,113,702
Trex Co., Inc. (Building Products)
  (a) 7,323     478,412
       10,587,023
Information Technology–18.5%
 		     
Adobe, Inc. (Software)
  (a) 8,077    3,680,043
Advanced Micro Devices, Inc. (Semiconductors & Equip.)
  (a) 15,472    1,691,708
Amdocs Ltd. (IT Svs.)
  5,750      472,707
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)
  14,348    1,081,122
Analog Devices, Inc. (Semiconductors & Equip.)
  4,840      799,471
Apple, Inc. (Tech. Hardware, Storage & Periph.)
  21,543    3,761,623
Arista Networks, Inc. (Communications Equip.)
  (a) 15,006    2,085,534
ASML Holding N.V. (Semiconductors & Equip.)
  1,560    1,041,971
Autodesk, Inc. (Software)
  (a) 4,153      890,196
Automatic Data Processing, Inc. (IT Svs.)
  3,083      701,506
Booz Allen Hamilton Holding Corp. (IT Svs.)
  12,267    1,077,533
Broadcom, Inc. (Semiconductors & Equip.)
  2,867    1,805,293
CDW Corp. (Electronic Equip., Instr. & Comp.)
  5,574      997,133
Cognex Corp. (Electronic Equip., Instr. & Comp.)
  7,400      570,910
Entegris, Inc. (Semiconductors & Equip.)
  8,898    1,167,951
EPAM Systems, Inc. (IT Svs.)
  (a) 3,413    1,012,330
Fidelity National Information Services, Inc. (IT Svs.)
  13,600    1,365,712
Fortinet, Inc. (Software)
  (a) 4,521    1,545,007
Genpact Ltd. (IT Svs.)
  17,460      759,685
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.)
  (a) 3,030      332,573
KLA Corp. (Semiconductors & Equip.)
  2,018      738,709
Manhattan Associates, Inc. (Software)
  (a) 2,242      310,988
Mastercard, Inc. Class A (IT Svs.)
  2,497      892,378
Microsoft Corp. (Software)
  55,691   17,170,092
Motorola Solutions, Inc. (Communications Equip.)
  4,790    1,160,138
NortonLifeLock, Inc. (Software)
  58,650    1,555,398
NVIDIA Corp. (Semiconductors & Equip.)
  13,794    3,763,831
Oracle Corp. (Software)
  24,032    1,988,167
Paychex, Inc. (IT Svs.)
  15,334    2,092,631
PayPal Holdings, Inc. (IT Svs.)
  (a) 3,920      453,348
PTC, Inc. (Software)
  (a) 6,679      719,462
QUALCOMM, Inc. (Semiconductors & Equip.)
  29,525    4,512,010
ServiceNow, Inc. (Software)
  (a) 880      490,063
Shopify, Inc. Class A (IT Svs.)
  (a) 592      400,168
Texas Instruments, Inc. (Semiconductors & Equip.)
  4,434      813,550
Tyler Technologies, Inc. (Software)
  (a) 1,461      649,984
Visa, Inc. (IT Svs.)
  32,119    7,123,031
VMware, Inc. Class A (Software)
  6,509      741,180
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.)
  (a) 2,536   1,049,143
       73,464,279
Materials–0.3%
 		     
Sherwin-Williams Co. / The (Chemicals)
  4,706   1,174,712
Real Estate–0.2%
 		     
American Campus Communities, Inc. (Equity REIT)
  5,190      290,484
Sun Communities, Inc. (Equity REIT)
  3,690     646,820
          937,304
Utilities–1.1%
 		     
Alliant Energy Corp. (Electric Utilities)
  17,902    1,118,517
64
(continued)
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks (Continued) Shares Value
Utilities (continued)      
Ameren Corp. (Multi-Utilities)
  16,044 $  1,504,285
American Electric Power Co., Inc. (Electric Utilities)
  13,966    1,393,388
CenterPoint Energy, Inc. (Multi-Utilities)
  17,144     525,292
        4,541,482
Total Common Stocks (Cost $139,471,324)
    $195,400,739
    
Corporate Bonds–12.8% Rate Maturity Face Amount Value
Communication Services–1.4%
 		         
AT&T, Inc. (Diversified Telecom. Svs.)
  5.150% 03/15/2042 $    50,000 $     56,188
AT&T, Inc. (Diversified Telecom. Svs.)
  4.300% 12/15/2042    104,000      104,926
AT&T, Inc. (Diversified Telecom. Svs.)
  3.800% 12/01/2057    208,000      189,767
AT&T, Inc. (Diversified Telecom. Svs.)
  3.650% 09/15/2059     33,000       28,939
Baidu, Inc. (Interactive Media & Svs.)
  1.625% 02/23/2027    477,000      427,939
Cable One, Inc. (Media)
  (b) 4.000% 11/15/2030    129,000      118,966
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (b) 4.500% 08/15/2030     59,000       55,359
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (b) 4.750% 02/01/2032    102,000       94,986
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (b) 4.500% 06/01/2033    209,000      187,578
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)
  5.050% 03/30/2029    519,000      549,529
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)
  6.484% 10/23/2045     62,000       70,580
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)
  5.375% 05/01/2047     49,000       50,171
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)
  4.800% 03/01/2050    265,000      251,726
Discovery Communications LLC (Media)
  5.200% 09/20/2047     75,000       78,017
Discovery Communications LLC (Media)
  5.300% 05/15/2049     35,000       36,605
Discovery Communications LLC (Media)
  4.650% 05/15/2050     27,000       26,169
DISH DBS Corp. (Media)
  (b) 5.250% 12/01/2026    223,000      212,407
DISH DBS Corp. (Media)
  (b) 5.750% 12/01/2028    158,000      149,508
Fox Corp. (Media)
  5.576% 01/25/2049    178,000      206,900
Level 3 Financing, Inc. (Diversified Telecom. Svs.)
  (b) 3.875% 11/15/2029    309,000      284,280
Magallanes, Inc. (Media)
  (b) 4.279% 03/15/2032    301,000      302,339
Netflix, Inc. (Entertainment)
  5.875% 11/15/2028    310,000      341,713
Tencent Holdings Ltd. (Interactive Media & Svs.)
  (b) 1.810% 01/26/2026    201,000      186,141
Tencent Holdings Ltd. (Interactive Media & Svs.)
  2.390% 06/03/2030    200,000      177,881
Tencent Holdings Ltd. (Interactive Media & Svs.)
  (b) 3.240% 06/03/2050    201,000      155,938
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  2.625% 04/15/2026     70,000       66,865
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  2.625% 02/15/2029     46,000       41,986
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  (b) 3.375% 04/15/2029     28,000       26,632
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  3.875% 04/15/2030    226,000      226,868
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  2.550% 02/15/2031     94,000       85,239
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  2.875% 02/15/2031    143,000      128,833
Verizon Communications, Inc. (Diversified Telecom. Svs.)
  3.150% 03/22/2030    108,000      106,215
Weibo Corp. (Interactive Media & Svs.)
  3.375% 07/08/2030    527,000     449,680
            5,476,870
Consumer Discretionary–1.7%
 		         
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)
  (b) 3.500% 02/15/2029    270,000      249,332
Advance Auto Parts, Inc. (Specialty Retail)
  3.900% 04/15/2030    344,000      342,816
Advance Auto Parts, Inc. (Specialty Retail)
  3.500% 03/15/2032      3,000        2,878
Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail)
  2.125% 02/09/2031    459,000      398,891
AutoZone, Inc. (Specialty Retail)
  3.750% 04/18/2029    303,000      303,951
Booking Holdings, Inc. (Hotels, Restaurants & Leisure)
  4.625% 04/13/2030    404,000      438,172
Carnival Corp. (Hotels, Restaurants & Leisure)
  (b) 4.000% 08/01/2028    237,000      220,410
Expedia Group, Inc. (Hotels, Restaurants & Leisure)
  4.625% 08/01/2027    164,000      170,355
General Motors Co. (Automobiles)
  6.125% 10/01/2025     79,000       84,808
General Motors Co. (Automobiles)
  4.200% 10/01/2027     94,000       94,389
General Motors Co. (Automobiles)
  6.800% 10/01/2027    107,000      120,775
General Motors Co. (Automobiles)
  5.000% 10/01/2028    269,000      280,504
GLP Capital LP / GLP Financing II, Inc. (Hotels, Restaurants & Leisure)
  3.250% 01/15/2032    193,000      175,109
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)
  3.900% 08/08/2029    354,000      324,619
Levi Strauss & Co. (Textiles, Apparel & Luxury Goods)
  (b) 3.500% 03/01/2031    153,000      140,111
Marriott International, Inc. (Hotels, Restaurants & Leisure)
  5.750% 05/01/2025    361,000      383,286
Mattel, Inc. (Leisure Products)
  (b) 3.375% 04/01/2026    128,000      125,323
Mattel, Inc. (Leisure Products)
  (b) 3.750% 04/01/2029    127,000      122,202
McDonald's Corp. (Hotels, Restaurants & Leisure)
  3.500% 07/01/2027    272,000      276,447
McDonald's Corp. (Hotels, Restaurants & Leisure)
  2.625% 09/01/2029    294,000      279,621
65
(continued)
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Consumer Discretionary (continued)
 		         
McDonald's Corp. (Hotels, Restaurants & Leisure)
  3.625% 09/01/2049 $    90,000 $     86,172
MDC Holdings, Inc. (Household Durables)
  6.000% 01/15/2043    150,000      153,970
Nissan Motor Co. Ltd. (Automobiles)
  (b) 4.345% 09/17/2027    430,000      423,712
O'Reilly Automotive, Inc. (Specialty Retail)
  3.600% 09/01/2027      6,000        6,064
O'Reilly Automotive, Inc. (Specialty Retail)
  4.350% 06/01/2028     47,000       48,464
O'Reilly Automotive, Inc. (Specialty Retail)
  3.900% 06/01/2029    232,000      235,473
Prosus N.V. (Internet & Direct Marketing Retail)
  (b) 3.257% 01/19/2027    228,000      208,293
Prosus N.V. (Internet & Direct Marketing Retail)
  (b) 3.680% 01/21/2030    216,000      189,233
Ross Stores, Inc. (Specialty Retail)
  4.700% 04/15/2027    280,000      294,601
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)
  (b) 10.875% 06/01/2023    136,000      144,715
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)
  (b) 11.500% 06/01/2025    143,000      157,137
Wynn Macau Ltd. (Hotels, Restaurants & Leisure)
  (b) 5.625% 08/26/2028    292,000     253,678
            6,735,511
Consumer Staples–1.1%
 		         
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing)
  (b) 3.500% 03/15/2029    156,000      140,785
Alimentation Couche-Tard, Inc. (Food & Staples Retailing)
  (b) 2.950% 01/25/2030     77,000       73,456
Altria Group, Inc. (Tobacco)
  4.800% 02/14/2029    106,000      111,122
Altria Group, Inc. (Tobacco)
  3.400% 05/06/2030    280,000      269,287
B.A.T. Capital Corp. (Tobacco)
  4.700% 04/02/2027    180,000      184,617
B.A.T. Capital Corp. (Tobacco)
  2.259% 03/25/2028    435,000      390,313
Campbell Soup Co. (Food Products)
  3.950% 03/15/2025    113,000      114,986
Cargill, Inc. (Food Products)
  (b) 1.375% 07/23/2023     77,000       76,042
Cargill, Inc. (Food Products)
  (b) 2.125% 04/23/2030    113,000      103,257
Cencosud SA (Food & Staples Retailing)
  5.150% 02/12/2025    276,000      286,350
Coca-Cola Co. / The (Beverages)
  3.375% 03/25/2027    263,000      269,107
Coca-Cola Co. / The (Beverages)
  3.450% 03/25/2030    182,000      187,069
Estee Lauder Cos., Inc. / The (Personal Products)
  2.600% 04/15/2030    412,000      396,291
Fomento Economico Mexicano S.A.B de C.V. (Beverages)
  3.500% 01/16/2050    182,000      168,328
J.M. Smucker Co. / The (Food Products)
  2.375% 03/15/2030    165,000      151,138
JBS U.S.A. LUX SA / JBS U.S.A. Finance, Inc. (Food Products)
  (b) 6.750% 02/15/2028     76,000       80,123
Kimberly-Clark de Mexico S.A.B de C.V. (Household Products)
  (b) 2.431% 07/01/2031    274,000      248,118
Mars, Inc. (Food Products)
  (b) 2.700% 04/01/2025    113,000      111,995
Mars, Inc. (Food Products)
  (b) 3.200% 04/01/2030     28,000       27,752
Mondelez International Holdings Netherlands B.V. (Food Products)
  (b) 2.250% 09/19/2024    249,000      244,887
Mondelez International, Inc. (Food Products)
  2.750% 04/13/2030     19,000       18,177
Natura Cosmeticos SA (Personal Products)
  (b) 4.125% 05/03/2028    230,000      221,433
PepsiCo, Inc. (Beverages)
  2.250% 03/19/2025    187,000      185,045
PepsiCo, Inc. (Beverages)
  2.625% 03/19/2027     58,000       57,639
Procter & Gamble Co. / The (Household Products)
  3.000% 03/25/2030     68,000       68,371
Sysco Corp. (Food & Staples Retailing)
  2.400% 02/15/2030     72,000       66,955
Sysco Corp. (Food & Staples Retailing)
  5.950% 04/01/2030    314,000     364,231
            4,616,874
Energy–0.9%
 		         
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)
  2.939% 06/04/2051    479,000      408,847
Cheniere Corpus Christi Holdings LLC (Oil, Gas & Consumable Fuels)
  3.700% 11/15/2029    557,000      555,262
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)
  (b) 5.750% 01/15/2031    161,000      176,102
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)
  (b) 2.875% 04/01/2032    218,000      194,402
Devon Energy Corp. (Oil, Gas & Consumable Fuels)
  4.500% 01/15/2030    287,000      296,165
Devon Energy Corp. (Oil, Gas & Consumable Fuels)
  5.600% 07/15/2041    195,000      225,031
Enbridge Energy Partners LP (Oil, Gas & Consumable Fuels)
  7.375% 10/15/2045    263,000      364,689
Energy Transfer LP (Oil, Gas & Consumable Fuels)
  6.250% 04/15/2049    196,000      224,905
Hess Corp. (Oil, Gas & Consumable Fuels)
  4.300% 04/01/2027    258,000      264,729
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)
  4.300% 03/01/2028     69,000       71,501
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)
  6.500% 03/01/2041     67,000       82,554
ONEOK Partners LP (Oil, Gas & Consumable Fuels)
  6.125% 02/01/2041     25,000       27,498
ONEOK, Inc. (Oil, Gas & Consumable Fuels)
  6.350% 01/15/2031    127,000      146,872
Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels)
  3.550% 12/15/2029    136,000      131,431
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)
  6.800% 05/15/2038    223,000      287,244
Tengizchevroil Finance Co. International Ltd. (Oil, Gas & Consumable Fuels)
  (b) 3.250% 08/15/2030    205,000     167,007
            3,624,239
Financials–3.4%
 		         
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)
  6.500% 07/15/2025    271,000      286,971
Alleghany Corp. (Insurance)
  3.625% 05/15/2030    291,000      292,731
American Express Co.  (Consumer Finance)
  2.550% 03/04/2027    160,000      155,572
Aviation Capital Group LLC (Diversified Financial Svs.)
  (b) 4.375% 01/30/2024     50,000       49,920
Aviation Capital Group LLC (Diversified Financial Svs.)
  (b) 5.500% 12/15/2024    148,000      152,328
66
(continued)
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Financials (continued)          
Aviation Capital Group LLC (Diversified Financial Svs.)
  (b) 4.125% 08/01/2025 $     3,000 $      2,975
Aviation Capital Group LLC (Diversified Financial Svs.)
  (b) 4.875% 10/01/2025     57,000       57,817
Aviation Capital Group LLC (Diversified Financial Svs.)
  (b) 1.950% 01/30/2026    181,000      166,228
Aviation Capital Group LLC (Diversified Financial Svs.)
  (b) 1.950% 09/20/2026     60,000       54,269
Aviation Capital Group LLC (Diversified Financial Svs.)
  (b) 3.500% 11/01/2027     50,000       47,318
Banco de Credito del Peru S.A. (Rate is fixed until 07/01/2025, at which point, the rate becomes H15T5Y + 300) (Banks)
 (b)(c) 3.125% 07/01/2030    244,000      229,604
Banco Santander SA (Rate is fixed until 03/24/2027, at which point, the rate becomes H15T1Y + 200) (Banks)
  (c) 4.175% 03/24/2028    200,000      201,014
Bank of America Corp. (Rate is fixed until 04/24/2027, at which point, the rate becomes QL + 151) (Banks)
  (c) 3.705% 04/24/2028    501,000      504,204
Bank of America Corp. (Rate is fixed until 03/05/2028, at which point, the rate becomes QL + 107) (Banks)
  (c) 3.970% 03/05/2029    177,000      179,694
Bank of America Corp. (Rate is fixed until 04/29/2030, at which point, the rate becomes SOFR + 215) (Banks)
  (c) 2.592% 04/29/2031    678,000      625,500
BNP Paribas SA (Rate is fixed until 11/19/2024, at which point, the rate becomes QL + 111) (Banks)
 (b)(c) 2.819% 11/19/2025    306,000      298,766
BNP Paribas SA (Rate is fixed until 01/13/2030, at which point, the rate becomes SOFR + 151) (Banks)
 (b)(c) 3.052% 01/13/2031    333,000      311,497
Capital One Financial Corp. (Rate is fixed until 03/01/2029, at which point, the rate becomes SOFR + 179) (Consumer Finance)
  (c) 3.273% 03/01/2030    192,000      185,387
Citigroup, Inc. (Rate is fixed until 01/10/2027, at which point, the rate becomes QL + 156) (Banks)
  (c) 3.887% 01/10/2028    570,000      576,412
Citigroup, Inc. (Rate is fixed until 04/23/2028, at which point, the rate becomes QL + 119) (Banks)
  (c) 4.075% 04/23/2029    212,000      216,066
Citigroup, Inc. (Rate is fixed until 03/20/2029, at which point, the rate becomes QL + 134) (Banks)
  (c) 3.980% 03/20/2030    145,000      147,211
Citigroup, Inc. (Rate is fixed until 03/31/2030, at which point, the rate becomes SOFR + 391) (Banks)
  (c) 4.412% 03/31/2031    380,000      394,499
Credit Suisse AG (Diversified Financial Svs.)
  (b) 6.500% 08/08/2023    346,000      354,650
Credit Suisse Group AG (Rate is fixed until 05/14/2031, at which point, the rate becomes SOFR + 173) (Capital Markets)
 (b)(c) 3.091% 05/14/2032    280,000      252,531
Danske Bank A/S (Rate is fixed until 04/01/2027, at which point, the rate becomes H15T1Y + 175) (Banks)
 (b)(c) 4.298% 04/01/2028    346,000      348,789
Deutsche Bank AG (Rate is fixed until 01/07/2027, at which point, the rate becomes SOFR + 132) (Banks)
  (c) 2.552% 01/07/2028    460,000      424,370
Ford Motor Credit Co. LLC (Consumer Finance)
  4.950% 05/28/2027    209,000      212,511
General Motors Financial Co., Inc. (Consumer Finance)
  4.350% 04/09/2025    177,000      180,017
General Motors Financial Co., Inc. (Consumer Finance)
  4.300% 07/13/2025     54,000       54,805
General Motors Financial Co., Inc. (Consumer Finance)
  4.350% 01/17/2027     99,000      100,675
Goldman Sachs Group, Inc. / The (Rate is fixed until 04/22/2031, at which point, the rate becomes SOFR + 128) (Capital Markets)
  (c) 2.615% 04/22/2032    306,000      278,111
Goldman Sachs Group, Inc. / The (Rate is fixed until 07/21/2031, at which point, the rate becomes SOFR + 125) (Capital Markets)
  (c) 2.383% 07/21/2032    103,000       91,227
Harley-Davidson Financial Services, Inc. (Consumer Finance)
  (b) 3.350% 06/08/2025    368,000      361,749
Harley-Davidson Financial Services, Inc. (Consumer Finance)
  (b) 3.050% 02/14/2027     21,000       19,978
HSBC Holdings PLC (Rate is fixed until 03/30/2025, at which point, the rate becomes USISDA05 + 437) (Banks)
  (c) 6.375% Perpetual    212,000      219,350
HSBC Holdings PLC (Rate is fixed until 03/10/2025, at which point, the rate becomes SOFR + 143) (Banks)
  (c) 2.999% 03/10/2026    289,000      283,352
HSBC Holdings PLC (Rate is fixed until 03/29/2032, at which point, the rate becomes SOFR + 253) (Banks)
  (c) 4.762% 03/29/2033    280,000      287,750
ING Groep N.V. (Rate is fixed until 03/28/2027, at which point, the rate becomes SOFR + 183) (Banks)
  (c) 4.017% 03/28/2028    209,000      210,149
JPMorgan Chase & Co. (Rate is fixed until 12/05/2028, at which point, the rate becomes QL + 133) (Banks)
  (c) 4.452% 12/05/2029    460,000      479,487
JPMorgan Chase & Co. (Rate is fixed until 10/15/2029, at which point, the rate becomes SOFR + 151) (Banks)
  (c) 2.739% 10/15/2030    218,000      205,993
JPMorgan Chase & Co. (Rate is fixed until 03/24/2030, at which point, the rate becomes SOFR + 379) (Banks)
  (c) 4.493% 03/24/2031    171,000      181,249
JPMorgan Chase & Co. (Rate is fixed until 04/22/2031, at which point, the rate becomes SOFR + 125) (Banks)
  (c) 2.580% 04/22/2032    458,000      419,598
Morgan Stanley (Rate is fixed until 01/21/2032, at which point, the rate becomes SOFR + 129) (Capital Markets)
  (c) 2.943% 01/21/2033    131,000      122,844
Nationwide Building Society (Rate is fixed until 02/16/2027, at which point, the rate becomes SOFR + 129) (Thrifts & Mortgage Finance)
 (b)(c) 2.972% 02/16/2028    368,000      350,086
Nomura Holdings, Inc. (Capital Markets)
  2.999% 01/22/2032    307,000      282,797
S&P Global, Inc. (Capital Markets)
  (b) 4.750% 08/01/2028     16,000       17,190
S&P Global, Inc. (Capital Markets)
  (b) 4.250% 05/01/2029     66,000       69,502
Santander Holdings U.S.A., Inc. (Rate is fixed until 01/06/2027, at which point, the rate becomes SOFR + 125) (Banks)
  (c) 2.490% 01/06/2028    178,000      166,074
Santander U.K. Group Holdings PLC (Rate is fixed until 01/11/2027, at which point, the rate becomes SOFR + 122) (Banks)
  (c) 2.469% 01/11/2028    229,000      212,983
SLM Corp. (Consumer Finance)
  4.200% 10/29/2025    209,000      207,330
67
(continued)
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Financials (continued)          
Societe Generale SA (Rate is fixed until 01/19/2027, at which point, the rate becomes H15T1Y + 130) (Banks)
 (b)(c) 2.797% 01/19/2028 $   380,000 $    355,641
Standard Chartered PLC (Rate is fixed until 03/30/2025, at which point, the rate becomes H15T1Y + 165) (Banks)
 (b)(c) 3.971% 03/30/2026    348,000      346,969
Swiss Re Finance Luxembourg SA (Rate is fixed until 04/02/2029, at which point, the rate becomes H15T5Y + 358) (Insurance)
  (c) 5.000% 04/02/2049    200,000      207,000
UniCredit SpA (Rate is fixed until 06/03/2031, at which point, the rate becomes H15T1Y + 155) (Banks)
 (b)(c) 3.127% 06/03/2032    200,000      175,835
Wells Fargo & Co. (Rate is fixed until 10/30/2029, at which point, the rate becomes SOFR + 143) (Banks)
  (c) 2.879% 10/30/2030    298,000      283,231
Wells Fargo & Co. (Rate is fixed until 04/04/2030, at which point, the rate becomes SOFR + 403) (Banks)
  (c) 4.478% 04/04/2031    545,000     577,100
           13,476,906
Health Care–0.6%
 		         
AbbVie, Inc. (Biotechnology)
  3.250% 10/01/2022    175,000      175,634
AbbVie, Inc. (Biotechnology)
  2.800% 03/15/2023     14,000       14,048
AbbVie, Inc. (Biotechnology)
  2.600% 11/21/2024    165,000      163,859
AbbVie, Inc. (Biotechnology)
  3.800% 03/15/2025    210,000      213,902
Amgen, Inc. (Biotechnology)
  3.350% 02/22/2032    159,000      157,512
Bristol-Myers Squibb Co. (Pharmaceuticals)
  3.400% 07/26/2029     39,000       39,694
Centene Corp. (Health Care Providers & Svs.)
  4.625% 12/15/2029    376,000      379,042
Centene Corp. (Health Care Providers & Svs.)
  3.375% 02/15/2030    212,000      199,478
Cigna Corp. (Health Care Providers & Svs.)
  2.400% 03/15/2030    114,000      105,351
Cigna Corp. (Health Care Providers & Svs.)
  3.200% 03/15/2040     52,000       47,266
Cigna Corp.  (Health Care Providers & Svs.)
  3.400% 03/15/2050     78,000       70,272
CVS Health Corp. (Health Care Providers & Svs.)
  3.000% 08/15/2026     33,000       32,730
CVS Health Corp.  (Health Care Providers & Svs.)
  4.300% 03/25/2028     40,000       41,843
CVS Health Corp. (Health Care Providers & Svs.)
  4.125% 04/01/2040    141,000      143,449
DH Europe Finance II SARL (Health Care Equip. & Supplies)
  2.200% 11/15/2024    129,000      126,361
DH Europe Finance II SARL (Health Care Equip. & Supplies)
  2.600% 11/15/2029     71,000       67,677
Mozart Debt Merger Sub, Inc. (Health Care Equip. & Supplies)
  (b) 3.875% 04/01/2029    240,000      222,000
Pfizer, Inc. (Pharmaceuticals)
  2.625% 04/01/2030     80,000      77,670
            2,277,788
Industrials–0.8%
 		         
Air Lease Corp. (Trading Companies & Distributors)
  2.875% 01/15/2026     28,000       27,025
Air Lease Corp. (Trading Companies & Distributors)
  3.625% 04/01/2027     15,000       14,726
Air Lease Corp. (Trading Companies & Distributors)
  2.100% 09/01/2028    107,000       93,561
Aircastle Ltd. (Trading Companies & Distributors)
  4.125% 05/01/2024     58,000       57,904
Aircastle Ltd. (Trading Companies & Distributors)
  (b) 5.250% 08/11/2025    149,000      151,790
Aircastle Ltd. (Trading Companies & Distributors)
  4.250% 06/15/2026     21,000       20,660
Aircastle Ltd. (Trading Companies & Distributors)
  (b) 2.850% 01/26/2028    332,000      298,237
BAE Systems PLC (Aerospace & Defense)
  (b) 3.400% 04/15/2030    200,000      197,073
Carrier Global Corp. (Building Products)
  2.242% 02/15/2025     21,000       20,444
Carrier Global Corp. (Building Products)
  2.493% 02/15/2027     26,000       24,776
CITIC Ltd. (Industrial Conglomerates)
  2.850% 02/25/2030    230,000      213,500
Delta Air Lines, Inc. / SkyMiles IP Ltd. (Airlines)
  (b) 4.500% 10/20/2025    134,058      134,837
Delta Air Lines, Inc. / SkyMiles IP Ltd. (Airlines)
  (b) 4.750% 10/20/2028    156,000      157,194
Embraer Netherlands Finance B.V. (Aerospace & Defense)
  (b) 6.950% 01/17/2028    212,000      224,190
Equifax, Inc. (Professional Svs.)
  2.600% 12/01/2024    423,000      417,799
Equifax, Inc. (Professional Svs.)
  2.600% 12/15/2025    147,000      142,754
Equifax, Inc. (Professional Svs.)
  3.100% 05/15/2030    240,000      228,882
Flowserve Corp. (Machinery)
  2.800% 01/15/2032    193,000      170,700
General Dynamics Corp. (Aerospace & Defense)
  3.625% 04/01/2030    241,000      248,205
General Electric Co. (Industrial Conglomerates)
  6.750% 03/15/2032     70,000       88,182
Huntington Ingalls Industries, Inc. (Aerospace & Defense)
  3.844% 05/01/2025    205,000      207,190
Westinghouse Air Brake Technologies Corp. (Machinery)
  4.400% 03/15/2024    189,000      192,487
Westinghouse Air Brake Technologies Corp. (Machinery)
  3.200% 06/15/2025     45,000      43,931
            3,376,047
Information Technology–1.1%
 		         
Broadcom, Inc. (Semiconductors & Equip.)
  4.110% 09/15/2028     18,000       18,214
Broadcom, Inc. (Semiconductors & Equip.)
  (b) 4.000% 04/15/2029     36,000       35,982
Broadcom, Inc. (Semiconductors & Equip.)
  4.150% 11/15/2030    284,000      287,831
Broadcom, Inc. (Semiconductors & Equip.)
  (b) 4.150% 04/15/2032    123,000      122,731
Global Payments, Inc. (IT Svs.)
  4.800% 04/01/2026    185,000      194,208
Global Payments, Inc. (IT Svs.)
  3.200% 08/15/2029     75,000       71,251
Infor, Inc. (Software)
  (b) 1.750% 07/15/2025    106,000       99,661
Kyndryl Holdings, Inc. (IT Svs.)
  (b) 2.050% 10/15/2026    387,000      345,500
68
(continued)
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Information Technology (continued)
 		         
Lam Research Corp. (Semiconductors & Equip.)
  4.000% 03/15/2029 $    51,000 $     53,455
Mastercard, Inc. (IT Svs.)
  3.350% 03/26/2030    324,000      330,197
Micron Technology, Inc. (Semiconductors & Equip.)
  4.185% 02/15/2027    207,000      212,418
NXP B.V. / NXP Funding LLC (Semiconductors & Equip.)
  (b) 5.550% 12/01/2028    125,000      137,015
Oracle Corp. (Software)
  2.875% 03/25/2031    225,000      205,153
Oracle Corp. (Software)
  3.600% 04/01/2040    134,000      116,243
Oracle Corp. (Software)
  5.375% 07/15/2040     43,000       45,370
Oracle Corp. (Software)
  3.650% 03/25/2041     77,000       67,255
PayPal Holdings, Inc. (IT Svs.)
  2.850% 10/01/2029    240,000      234,933
SK Hynix, Inc. (Semiconductors & Equip.)
  (b) 2.375% 01/19/2031    304,000      264,980
VeriSign, Inc. (IT Svs.)
  2.700% 06/15/2031    128,000      115,840
Visa, Inc. (IT Svs.)
  1.900% 04/15/2027    452,000      434,368
Visa, Inc. (IT Svs.)
  2.050% 04/15/2030    220,000      205,270
VMware, Inc. (Software)
  4.500% 05/15/2025    261,000      268,854
VMware, Inc. (Software)
  4.650% 05/15/2027    293,000      307,007
Workday, Inc. (Software)
  3.700% 04/01/2029     42,000       42,094
Workday, Inc. (Software)
  3.800% 04/01/2032    107,000     106,796
            4,322,626
Materials–0.6%
 		         
Anglo American Capital PLC (Metals & Mining)
  (b) 3.875% 03/16/2029    355,000      355,164
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance PLC (Containers & Packaging)
  (b) 3.250% 09/01/2028    308,000      279,510
Axalta Coating Systems LLC (Chemicals)
  (b) 3.375% 02/15/2029    220,000      193,424
Cemex S.A.B de C.V. (Construction Materials)
  (b) 3.875% 07/11/2031    380,000      346,754
Indonesia Asahan Aluminium Persero PT (Metals & Mining)
  (b) 4.750% 05/15/2025    240,000      244,560
Ingevity Corp. (Chemicals)
  (b) 3.875% 11/01/2028    188,000      169,920
Stillwater Mining Co. (Metals & Mining)
  (b) 4.000% 11/16/2026    300,000      288,150
Suzano Austria GmbH (Paper & Forest Products)
  2.500% 09/15/2028    374,000      337,479
Suzano Austria GmbH (Paper & Forest Products)
  3.750% 01/15/2031     56,000       52,724
Volcan Cia Minera S.A.A. (Metals & Mining)
  (b) 4.375% 02/11/2026     65,000      62,237
            2,329,922
Real Estate–0.4%
 		         
American Tower Corp. (Equity REIT)
  3.650% 03/15/2027    138,000      137,631
American Tower Corp. (Equity REIT)
  4.050% 03/15/2032     35,000       35,083
Camden Property Trust (Equity REIT)
  2.800% 05/15/2030    342,000      328,688
Crown Castle International Corp. (Equity REIT)
  3.650% 09/01/2027    133,000      132,035
Crown Castle International Corp. (Equity REIT)
  4.300% 02/15/2029    154,000      158,191
Crown Castle International Corp. (Equity REIT)
  3.100% 11/15/2029    279,000      264,358
Crown Castle International Corp. (Equity REIT)
  3.300% 07/01/2030     67,000       64,074
Equinix, Inc. (Equity REIT)
  3.200% 11/18/2029    233,000      222,980
Vornado Realty LP (Equity REIT)
  3.400% 06/01/2031    306,000     287,817
            1,630,857
Utilities–0.8%
 		         
AES Panama Generation Holdings SRL (Electric Utilities)
  (b) 4.375% 05/31/2030    285,000      271,463
Ameren Corp. (Multi-Utilities)
  3.500% 01/15/2031    669,000      659,918
American Water Capital Corp. (Water Utilities)
  2.800% 05/01/2030    211,000      202,137
Chile Electricity PEC SpA (Electric Utilities)
  (b) 0.000% 01/25/2028    460,000      346,150
Dominion Energy, Inc. (Multi-Utilities)
  3.375% 04/01/2030    340,000      335,416
Duke Energy Carolinas NC Storm Funding LLC (Electric Utilities)
  2.617% 07/01/2041    200,000      182,300
NRG Energy, Inc. (Electric Utilities)
  (b) 3.750% 06/15/2024    308,000      306,792
Oncor Electric Delivery Co. LLC (Electric Utilities)
  3.700% 11/15/2028    194,000      199,538
Southern Co. / The (Electric Utilities)
  3.700% 04/30/2030    508,000      509,526
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)
  (b) 4.375% 05/01/2029    231,000     218,295
            3,231,535
Total Corporate Bonds (Cost $53,215,428)
         $51,099,175
    
U.S. Treasury Obligations–9.9% Rate Maturity Face Amount Value
U.S. Treasury Bill
  0.000% 08/18/2022 $   960,000 $    956,874
U.S. Treasury Note
  1.500% 09/15/2022    626,000      627,492
U.S. Treasury Note
  (d) 2.250% 11/15/2024  1,865,000    1,853,417
U.S. Treasury Note
  (d) 0.500% 03/31/2025  7,834,500    7,380,650
U.S. Treasury Note
  1.625% 05/15/2026  5,438,800    5,247,805
U.S. Treasury Note
  0.875% 09/30/2026    666,600      620,485
U.S. Treasury Note
  1.250% 11/30/2026    315,600      298,599
U.S. Treasury Note
  1.250% 12/31/2026  1,910,600    1,805,144
U.S. Treasury Note
  1.875% 02/28/2027    300,700      292,642
69
(continued)
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
U.S. Treasury Obligations (Continued) Rate Maturity Face Amount Value
U.S. Treasury Note
  1.500% 11/30/2028 $ 1,149,800 $  1,083,058
U.S. Treasury Note
  1.375% 11/15/2031  5,350,200    4,908,808
U.S. Treasury Note
  1.875% 02/15/2032    479,800      460,758
U.S. Treasury Note
  1.750% 08/15/2041  7,076,400    6,133,248
U.S. Treasury Note
  2.000% 11/15/2041    656,500      594,030
U.S. Treasury Note
  2.375% 02/15/2042    268,200      258,687
U.S. Treasury Note
  2.750% 08/15/2042  2,036,600    2,070,888
U.S. Treasury Note
  2.250% 08/15/2049  1,246,800    1,185,531
U.S. Treasury Note
  2.375% 11/15/2049    338,600      331,220
U.S. Treasury Note
  1.875% 02/15/2051  1,590,800    1,390,024
U.S. Treasury Note
  2.375% 05/15/2051    338,200      331,409
U.S. Treasury Note
  2.000% 08/15/2051    866,300      781,565
U.S. Treasury Note
  1.875% 11/15/2051    923,400     809,995
Total U.S. Treasury Obligations (Cost $42,063,145)
         $39,422,329
    
Asset-Backed / Mortgage-Backed Securities–8.5% Rate Maturity Face Amount Value
Consumer Discretionary–0.2%
 		         
Domino's Pizza Master Issuer LLC 2021-1A A2I
  (b) 2.662% 04/25/2051 $   174,680 $    161,949
Great Wolf Trust 2019-WOLF A
  (b) ML + 103 12/15/2036     64,000       63,156
Great Wolf Trust 2019-WOLF C
  (b) ML + 163 12/15/2036     79,000       77,482
Hardee's Funding LLC 2018-1A A23
  (b) 5.710% 06/20/2048    128,951      133,435
Hardee's Funding LLC 2020-1A A2
  (b) 3.981% 12/20/2050    133,353     128,961
              564,983
Financials–8.3%
 		         
AB Issuer LLC 2021-1 A2
  (b) 3.734% 07/30/2051    318,400      288,918
Affirm Asset Securitization Trust 2020-A A
  (b) 2.100% 02/18/2025     88,027       87,870
Affirm Asset Securitization Trust 2021-A C
  (b) 1.660% 08/15/2025    200,000      198,165
Affirm Asset Securitization Trust 2021-Z1 A
  (b) 1.070% 08/15/2025     96,149       94,603
Affirm Asset Securitization Trust 2021-Z2 A
  (b) 1.170% 11/16/2026     95,326       93,596
AGL CLO 2021-12A D
  (b) QL + 285 07/20/2034    250,000      244,314
AREIT 2022-CRE6 A
  (b) SOFR30A + 125 11/17/2024    517,500      512,049
Atalaya Equipment Leasing Trust 2021-1A C
  (b) 2.690% 06/15/2028    300,000      287,892
Avant Loans Funding Trust 2021-REV1 A
  (b) 1.210% 07/15/2030    441,000      426,168
Bain Capital Credit CLO 2021-4A D
  (b) QL + 310 10/20/2034    250,000      243,123
Balboa Bay Loan Funding 2021-1A D
  (b) QL + 305 07/20/2034    307,948      301,487
Ballyrock CLO 15 Ltd. 2021-1A C
  (b) QL + 310 04/15/2034    250,000      242,198
Ballyrock CLO 16 Ltd. 2021-16A C
  (b) QL + 290 07/20/2034    250,000      240,967
Ballyrock CLO 17 Ltd. 2021-17A C
  (b) QL + 305 10/20/2034    250,000      245,183
BBCMS 2020-BID A
  (b) ML + 214 10/15/2037    301,000      300,727
BCP Trust 2021-330N A
  (b) ML + 80 06/15/2038     62,744       61,412
Bellemeade Re 2021-3A A2
  (b) SOFR30A + 100 09/25/2031    286,223      282,092
Bellemeade Re 2022-1 M1C
  (b) SOFR30A + 370 01/26/2032    327,948      315,007
Bellemeade Re Ltd. 2021-1A M1C
  (b) SOFR30A + 295 03/25/2031    167,482      166,592
BFLD Trust 2021-FPM A
  (b) ML + 160 06/15/2038    462,000      458,241
Brex Commercial Charge Card Master Trust 2021-1 A
  (b) 2.090% 07/15/2024    167,000      165,100
BX Commercial Mortgage Trust 2019-IMC E
  (b) ML + 215 04/15/2034    320,787      312,755
Cajun Global LLC 2021-1 A2
  (b) 3.931% 11/20/2051     61,768       58,253
Carvana Auto Receivables Trust 2021-N3 C
  1.020% 06/12/2028    141,000      136,250
Carvana Auto Receivables Trust 2021-N4 D
  2.300% 09/11/2028    128,000      122,776
Carvana Auto Receivables Trust 2021-P4 N
  (b) 2.150% 09/11/2028    833,818      832,097
CIM Trust 2021-INV1 A2
  (b) 2.500% 07/01/2051    265,228      245,174
Citigroup Commercial Mortgage Trust 2017-P8 AS
  3.789% 09/15/2050    127,167      128,373
College Ave Student Loans 2021-C C
  (b) 3.060% 07/26/2055    136,800      128,573
COMM 2015-LC23 C
  4.607% 10/10/2048    100,000       98,565
Connecticut Avenue Securities Trust 2019-R02 1M2
  (b) ML + 230 08/25/2031     14,260       14,260
Connecticut Avenue Securities Trust 2019-R03 1M2
  (b) ML + 215 09/25/2031     37,973       37,973
Connecticut Avenue Securities Trust 2019-R04 2M2
  (b) ML + 210 06/25/2039      1,009        1,009
Connecticut Avenue Securities Trust 2019-R05 1M2
  (b) ML + 200 07/25/2039      3,254        3,254
Connecticut Avenue Securities Trust 2019-R07 1M2
  (b) ML + 210 10/25/2039     52,042       52,042
Connecticut Avenue Securities Trust 2020-R02 2M2
  (b) ML + 200 01/25/2040    151,094      150,535
Connecticut Avenue Securities Trust 2020-SBT1 1M2
  (b) ML + 365 02/25/2040    255,000      249,586
Connecticut Avenue Securities Trust 2020-SBT1 2M2
  (b) ML + 365 02/25/2040    270,000      268,789
Connecticut Avenue Securities Trust 2021-R01 1M2
  (b) SOFR30A + 155 10/25/2041    462,831      447,130
Connecticut Avenue Securities Trust 2021-R03 1M2
  (b) SOFR30A + 165 12/25/2041    117,550      111,269
Connecticut Avenue Securities Trust 2022-R01 1B1
  (b) SOFR30A + 315 12/25/2041    305,277      283,223
Connecticut Avenue Securities Trust 2022-R02 2M1
  (b) SOFR30A + 120 01/25/2042    395,819      392,571
Connecticut Avenue Securities Trust 2022-R03 1M2
  (b) SOFR30A + 350 03/25/2042    253,631      254,604
CPS Auto Receivables Trust 2021-B C
  (b) 1.230% 03/15/2027    234,000      227,109
CPS Auto Receivables Trust 2021-C D
  (b) 1.690% 06/15/2027    210,000      197,682
70
(continued)
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Asset-Backed / Mortgage-Backed Securities (Continued) Rate Maturity Face Amount Value
Financials (continued)          
Dext ABS 2021-1 C
  (b) 2.290% 09/15/2028 $   264,000 $    249,705
Dext ABS 2021-1 D
  (b) 2.810% 03/15/2029    133,000      125,380
Diamond Issuer 2021-1A B
  (b) 2.701% 11/20/2051    271,624      253,208
Donlen Fleet Lease Funding 2021-2 C
  (b) 1.200% 12/11/2034    460,000      441,218
DROP Mortgage Trust 2021-FILE A
  (b) ML + 115 04/15/2026    310,000      306,709
Eagle Re 2021-2 M1B
  (b) SOFR30A + 205 04/25/2034    152,272      150,003
Elmwood CLO IX Ltd. 2021-2A D
  (b) QL + 295 07/20/2034    250,000      242,069
Fannie Mae Connecticut Avenue Securities 2014-C04 1M2
  ML + 490 11/25/2024    188,843      194,420
Fannie Mae Connecticut Avenue Securities 2015-C02 1M2
  ML + 400 05/25/2025     20,665       20,665
Fannie Mae Connecticut Avenue Securities 2015-C03 1M2
  ML + 500 07/25/2025    112,899      114,775
Fannie Mae Connecticut Avenue Securities 2015-C03 2M2
  ML + 500 07/25/2025        611          611
Fannie Mae Connecticut Avenue Securities 2015-C04 1M2
  ML + 570 04/25/2028     65,657       70,231
Fannie Mae Connecticut Avenue Securities 2016-C01 1M2
  ML + 675 08/25/2028     87,396       93,495
Fannie Mae Connecticut Avenue Securities 2016-C07 2M2
  ML + 435 05/25/2029    100,535      104,750
Fannie Mae Connecticut Avenue Securities 2017-C01 1M2
  ML + 355 07/25/2029    241,016      245,344
Fannie Mae Connecticut Avenue Securities 2017-C07 1B1
  ML + 400 05/25/2030    300,000      305,260
Fannie Mae Connecticut Avenue Securities 2018-C06 1M2
  ML + 200 03/25/2031    204,173      203,982
Fannie Mae Connecticut Avenue Securities 2021-R02 2B1
  (b) SOFR30A + 330 11/25/2041    211,036      195,724
FHF Trust 2021-2A A
  (b) 0.830% 12/15/2026    123,471      120,085
First Investors Auto Owner Trust 2018-1A E
  (b) 5.350% 07/15/2024    350,000      354,460
Flagstar Mortgage Trust 2021-8INV A3
  (b) 2.500% 09/25/2051    236,903      218,191
Flatiron CLO 2021-1A D
  (b) QL + 290 07/19/2034    250,000      246,197
Ford Credit Auto Owner Trust 2021-1 D
  (b) 2.310% 10/17/2033    230,000      214,081
Freddie Mac Multifamily Structured Credit Risk 2021-MN1 M1
  (b) SOFR30A + 200 01/25/2051     45,969       44,431
Freddie Mac REMICS FHR 4981 HS
  (e) ML + 610 06/25/2050    887,227      124,906
Freddie Mac REMICS FHR 5015 BI
  (e) 4.000% 09/25/2050    592,280       99,956
Freddie Mac Stacr Remic Trust 2020-DNA1 M2
  (b) ML + 170 01/25/2050     73,184       73,100
Freddie Mac STACR REMIC Trust 2020-DNA5 M2
  (b) SOFR30A + 280 10/25/2050    139,368      139,633
Freddie Mac STACR REMIC Trust 2021-DNA3 B1
  (b) SOFR30A + 350 10/25/2033    278,276      260,363
Freddie Mac STACR REMIC Trust 2021-DNA6 M2
  (b) SOFR30A + 150 10/25/2041    393,665      374,380
Freddie Mac STACR REMIC Trust 2021-HQA4 M2
  (b) SOFR30A + 235 12/25/2041    246,349      231,534
Freddie Mac STACR REMIC Trust 2022-DNA1 M2
  (b) SOFR30A + 250 01/25/2042    394,327      368,624
Freddie Mac STACR REMIC Trust 2022-HQA1 M1B
  (b) SOFR30A + 350 03/25/2042     65,368       66,555
Freddie Mac STACR Trust 2019-DNA4 M2
  (b) ML + 195 10/25/2049     20,210       20,186
Freddie Mac STACR Trust 2019-HQA2 M2
  (b) ML + 205 04/25/2049     70,527       70,486
Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2B
  ML + 265 12/25/2029    458,126      467,097
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 M2
  (b) SOFR30A + 180 11/25/2041    386,480      367,580
Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M2
  (b) SOFR30A + 375 02/25/2042    295,064      288,521
FREED ABS Trust 2021-2 C
  (b) 1.940% 06/19/2028    460,000      446,463
GCI Funding I LLC 2021-1 A
  (b) 2.380% 06/18/2046    155,829      145,020
Goldentree Loan Management U.S. CLO 7 Ltd. 2020-7A AR
  (b) QL + 107 04/20/2034    250,000      245,997
GS Mortgage Securities Trust 2012-GCJ9 AS
  3.124% 11/10/2045    287,514      288,105
GS Mortgage Securities Trust 2016-GS3 A4
  2.850% 10/10/2049    270,000      262,884
GS Mortgage Securities Trust 2017-GS7 A4
  3.430% 08/10/2050    270,000      271,431
GS Mortgage Securities Trust 2018-GS9 A4
  3.992% 03/10/2051    153,543      157,794
GS Mortgage Securities Trust 2019-GC38 A4
  3.968% 02/10/2052    250,000      257,182
Hertz Vehicle Financing III LLC 2022-1A C
  (b) 2.630% 06/25/2026    220,000      208,743
HFX Funding Issuer 2017-1
  (b) 3.623% 03/15/2035    280,000      271,561
Home Re 2020-1 M1B
  (b) ML + 325 10/25/2030     70,308       70,356
Home Re 2021-2 M1B
  (b) SOFR30A + 160 01/25/2034    222,490      218,474
Invitation Homes 2018-SFR1 C
  (b) ML + 125 03/17/2037    474,932      473,572
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 A5
  2.840% 12/15/2047    168,296      168,600
JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 B
  3.674% 12/15/2047    300,000      299,848
JPMBB Commercial Mortgage Securities Trust 2013-C15 AS
  4.420% 11/15/2045    250,000      254,324
JPMBB Commercial Mortgage Securities Trust 2014-C21 C
  4.642% 08/15/2047    295,000      286,323
JPMBB Commercial Mortgage Securities Trust 2015-C27 AS
  3.634% 02/15/2048    130,694      130,465
LAD Auto Receivables Trust 2021-1A C
  (b) 2.350% 04/15/2027    406,000      386,723
Mello Mortgage Capital Acceptance 2021-INV2 A3
  (b) 2.500% 08/25/2051    226,464      208,860
Morgan Stanley Capital I Trust 2018-H3 AS
  4.429% 07/15/2051    270,000      280,040
Morgan Stanley Capital I Trust 2018-H4 A4
  4.310% 12/15/2051    250,000      260,822
MVW 2021-2A C
  (b) 2.230% 05/20/2039    416,135      390,778
Neighborly Issuer 2022-1A A2
  (b) 3.695% 01/30/2052    228,000      211,755
Neighborly Issuer LLC 2021-1A A2
  (b) 3.584% 04/30/2051    125,677      117,655
Nelnet Student Loan Trust 2021-BA B
  (b) 2.680% 04/20/2062    100,000       91,515
Nelnet Student Loan Trust 2021-DA C
  (b) 3.500% 04/20/2062    100,000       93,535
Neuberger Berman Loan Advisers CLO 2021-42A D
  (b) QL + 280 07/16/2035    301,613      291,105
Neuberger Berman Loan Advisers CLO 43 Ltd. 2021-43A D
  (b) QL + 310 07/17/2035    250,000      243,090
New Residential Mortgage Loan Trust 2021-INV1 A2
  (b) 2.500% 06/25/2051    330,567      306,287
Oaktown Re VII Ltd. 2021-2 M1A
  (b) SOFR30A + 160 04/25/2034    272,026      268,762
71
(continued)
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Asset-Backed / Mortgage-Backed Securities (Continued) Rate Maturity Face Amount Value
Financials (continued)          
OCP CLO 2020-18A AR
  (b) QL + 109 07/20/2032 $   322,000 $    319,197
Octane Receivables Trust 2021-2A C
  (b) 2.530% 05/21/2029    209,000      195,810
PMT Credit Risk Transfer Trust 2019-2R A
  (b) ML + 275 05/27/2023    130,797      129,694
Rad CLO 11 Ltd. 2021-11A D
  (b) QL + 290 04/15/2034    250,000      241,445
Regatta XX Funding Ltd. 2021-2A A
  (b) QL + 116 10/15/2034    450,431      444,894
Regatta XXIV Funding Ltd. 2021-5A D
  (b) QL + 310 01/20/2035    450,000      432,260
Rockford Tower CLO 2021-1A D
  (b) QL + 300 07/20/2034    306,626      301,104
Rockford Tower CLO 2021-2A A1
  (b) QL + 116 07/20/2034    250,000      248,185
Santander Bank NA - SBCLN 2021-1A C
  (b) 3.268% 12/15/2031    645,990      634,984
Santander Consumer Auto Receivables Trust 2021-CA B
  (b) 1.440% 04/17/2028     96,618       96,327
SEB Funding LLC 2021-1A A2
  (b) 4.969% 01/30/2052    332,000      314,907
SG Commercial Mortgage Securities Trust 2016-C5 A4
  3.055% 10/10/2048    250,000      244,531
STACR Trust 2018-DNA3 M2
  (b) ML + 210 09/25/2048    101,610      102,055
Triangle Re 2021-1 M1B
  (b) ML + 300 08/25/2033     28,741       28,735
Triangle Re 2021-3 M1B
  (b) SOFR30A + 290 02/25/2034    240,000      231,606
UBS Commercial Mortgage Trust 2018-C10 A3
  4.048% 05/15/2051    270,000      276,123
UBS-Barclays Commercial Mortgage Trust 2012-C4 C
  (b) 4.309% 12/10/2045    390,000      384,885
Upstart Securitization Trust 2020-3 A
  (b) 1.702% 11/20/2030     38,559       38,476
Upstart Securitization Trust 2021-3 B
  (b) 1.660% 07/20/2031    210,000      198,224
UWM Mortgage Trust 2021-INV1 A3
  (b) 2.500% 08/25/2051    291,116      269,734
VASA Trust 2021-VASA A
  (b) ML + 90 07/15/2039    460,000      450,202
Wells Fargo Commercial Mortgage Trust 2015-C28 A4
  3.540% 05/15/2048    250,000      250,904
Wells Fargo Commercial Mortgage Trust 2015-C30 A3
  3.411% 09/15/2058    232,889      231,896
Wells Fargo Commercial Mortgage Trust 2015-NXS3 A4
  3.617% 09/15/2057    270,000      271,772
Wells Fargo Commercial Mortgage Trust 2016-C35 A3
  2.674% 07/15/2048    299,613      289,501
Wells Fargo Commercial Mortgage Trust 2016-C35 B
  3.438% 07/15/2048    270,000      258,590
Wells Fargo Commercial Mortgage Trust 2017-C39 A5
  3.418% 09/15/2050    270,000      270,544
Wells Fargo Commercial Mortgage Trust 2017-C41 A3
  3.210% 11/15/2050    270,000      266,987
Wells Fargo Commercial Mortgage Trust 2018-C44 A4
  3.948% 05/15/2051    270,000      274,160
WFRBS Commercial Mortgage Trust 2014-C24 AS
  3.931% 11/15/2047    270,000     269,313
           33,052,585
Total Asset-Backed / Mortgage-Backed Securities (Cost $34,691,292)
         $33,617,568
    
Purchased Options–8.2% Notional
Amount 		Expiration Exercise Price Contracts (f) Value
S&P 500 Index Call Option
  $ 9,060,820 December 2023 $3,700 20  $  2,215,800
S&P 500 Index Call Option
   6,795,615 December 2023 3,800 15     1,549,500
S&P 500 Index Call Option
  20,386,845 December 2023 4,000 45     4,000,950
S&P 500 Index Call Option
   3,171,287 December 2023 4,100 7       578,060
S&P 500 Index Call Option
  17,668,599 December 2023 4,200 39     3,066,063
S&P 500 Index Call Option
   9,060,820 December 2023 4,250 20     1,448,600
S&P 500 Index Call Option
   9,513,861 December 2023 4,300 21     1,513,050
S&P 500 Index Call Option
  19,480,763 December 2023 4,400 43     2,828,970
S&P 500 Index Call Option
  21,292,927 December 2023 4,500 47     2,775,350
S&P 500 Index Call Option
  10,872,984 December 2023 4,600 24     1,275,312
S&P 500 Index Call Option
  11,326,025 December 2023 4,700 25     1,126,750
S&P 500 Index Put Option
   6,795,615 December 2023 3,700 15       315,900
S&P 500 Index Put Option
   6,795,615 December 2023 3,800 15       349,650
S&P 500 Index Put Option
  20,386,845 December 2023 4,000 45     1,247,850
S&P 500 Index Put Option
   3,171,287 December 2023 4,100 7       213,010
S&P 500 Index Put Option
  17,668,599 December 2023 4,200 39     1,323,114
S&P 500 Index Put Option
   9,060,820 December 2023 4,250 20       692,260
S&P 500 Index Put Option
   9,513,861 December 2023 4,300 21       761,859
S&P 500 Index Put Option
  19,480,763 December 2023 4,400 43     1,721,118
S&P 500 Index Put Option
  21,292,927 December 2023 4,500 47     2,005,020
S&P 500 Index Put Option
  10,872,984 December 2023 4,600 24     1,097,712
S&P 500 Index Put Option
   4,530,410 December 2023 4,700 10      500,210
Total Purchased Options (Cost $30,373,254)
           $32,606,108
    
U.S. Government Agency Mortgage-Backed Securities–2.8% Rate Maturity Face Amount Value
Fannie Mae or Freddie Mac UMBS TBA
  3.000% 04/15/2052 $ 3,482,624 $  3,406,442
Fannie Mae Pool FN AL5310
  3.500% 04/01/2044      2,414        2,462
Fannie Mae Pool FN AL5887
  4.500% 10/01/2044     15,333       16,296
Fannie Mae Pool FN AL6542
  4.500% 03/01/2045     22,452       23,862
Fannie Mae Pool FN AL6620
  4.500% 08/01/2042    139,655      147,217
Fannie Mae Pool FN AL6997
  4.500% 11/01/2042     10,155       10,802
Fannie Mae Pool FN AL8855
  3.500% 07/01/2046      8,730        8,889
72
(continued)
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
U.S. Government Agency Mortgage-Backed Securities (Continued) Rate Maturity Face Amount Value
Fannie Mae Pool FN AS7168
  3.500% 05/01/2046 $    18,192 $     18,482
Fannie Mae Pool FN AS7587
  3.500% 07/01/2046    100,395      102,272
Fannie Mae Pool FN AS7822
  3.500% 08/01/2046    206,036      208,769
Fannie Mae Pool FN AZ9203
  3.000% 10/01/2045     21,338       21,214
Fannie Mae Pool FN BA2885
  3.000% 10/01/2045     40,177       39,781
Fannie Mae Pool FN BA4752
  3.000% 01/01/2046      5,154        5,116
Fannie Mae Pool FN BC1520
  3.500% 08/01/2046    158,031      160,726
Fannie Mae Pool FN BC2468
  3.000% 03/01/2046    102,476      101,398
Fannie Mae Pool FN BC2488
  3.000% 03/01/2046    114,538      113,323
Fannie Mae Pool FN BC9077
  3.500% 12/01/2046     11,519       11,691
Fannie Mae Pool FN BH1902
  3.500% 12/01/2047      9,835       10,048
Fannie Mae Pool FN BH3892
  3.500% 08/01/2047     23,920       24,272
Fannie Mae Pool FN BH6940
  3.500% 08/01/2047     20,761       21,116
Fannie Mae Pool FN BJ1692
  3.500% 12/01/2047     49,477       50,321
Fannie Mae Pool FN BJ1695
  3.500% 12/01/2047      7,524        7,628
Fannie Mae Pool FN BJ4558
  3.500% 01/01/2048     38,488       39,121
Fannie Mae Pool FN BJ4559
  3.500% 01/01/2048     14,100       14,308
Fannie Mae Pool FN BJ4566
  4.000% 01/01/2048    121,496      126,393
Fannie Mae Pool FN BJ4567
  4.000% 01/01/2048    184,236      191,248
Fannie Mae Pool FN BJ5170
  3.500% 03/01/2048      9,398        9,604
Fannie Mae Pool FN BK1964
  4.000% 03/01/2048     38,482       39,895
Fannie Mae Pool FN BK1975
  3.500% 03/01/2048     21,230       21,592
Fannie Mae Pool FN BK3211
  4.500% 03/01/2048     43,663       45,521
Fannie Mae Pool FN BK4157
  4.000% 05/01/2048     50,192       51,657
Fannie Mae Pool FN BM3282
  3.500% 12/01/2047      6,149        6,282
Fannie Mae Pool FN BM3511
  4.500% 02/01/2046     80,166       85,229
Fannie Mae Pool FN BM3912
  3.000% 03/01/2047    124,068      123,323
Fannie Mae Pool FN BM4427
  3.500% 04/01/2048     70,583       71,446
Fannie Mae Pool FN BM4735
  3.500% 04/01/2048     92,601       94,185
Fannie Mae Pool FN BM4896
  3.000% 02/01/2047    811,237      809,819
Fannie Mae Pool FN BM5138
  3.500% 11/01/2048    160,087      162,742
Fannie Mae Pool FN BM5334
  3.500% 01/01/2049     40,016       40,450
Fannie Mae Pool FN BN0012
  4.500% 08/01/2048     24,879       25,848
Fannie Mae Pool FN BO3223
  3.000% 10/01/2034     32,859       33,190
Fannie Mae Pool FN BO4725
  2.500% 11/01/2034     53,082       52,613
Fannie Mae Pool FN BO5957
  3.000% 12/01/2034      6,614        6,696
Fannie Mae Pool FN BO7717
  3.000% 11/01/2034      5,922        5,994
Fannie Mae Pool FN BU1240
  3.000% 03/01/2052  1,089,938    1,070,519
Fannie Mae Pool FN BU1349
  3.000% 02/01/2052    855,608      840,116
Fannie Mae Pool FN CA0108
  3.500% 08/01/2047     21,506       21,971
Fannie Mae Pool FN FM0029
  3.000% 09/01/2046    202,297      201,965
Fannie Mae Pool FN FM1036
  3.000% 05/01/2043    102,557      102,336
Fannie Mae Pool FN MA3211
  4.000% 12/01/2047     51,633       53,221
Fannie Mae Pool FN MA3239
  4.000% 01/01/2048      8,194        8,458
Freddie Mac Gold Pool FG G60658
  3.500% 07/01/2046    203,312      207,278
Freddie Mac Gold Pool FG G61360
  3.500% 03/01/2048     43,097       43,697
Freddie Mac Gold Pool FG G61737
  3.500% 11/01/2048    176,276      178,866
Freddie Mac Gold Pool FG Q54793
  4.500% 03/01/2048     35,167       36,680
Freddie Mac Gold Pool FG Q55394
  3.500% 04/01/2048     14,051       14,224
Freddie Mac Pool FR QN0783
  3.000% 10/01/2034     32,107       32,476
Freddie Mac Pool FR QN0786
  3.000% 10/01/2034     73,893       74,784
Freddie Mac Pool FR QN0951
  2.500% 11/01/2034     50,003       49,558
Freddie Mac Pool FR SB0040
  2.500% 12/01/2033    247,485      244,964
Freddie Mac Pool FR SB0116
  2.500% 11/01/2034     66,595       66,001
Freddie Mac Pool FR ZA4718
  3.000% 10/01/2046    150,251      149,214
Freddie Mac Pool FR ZK8962
  3.000% 09/01/2032     55,920       56,478
Freddie Mac Pool FR ZK9009
  3.000% 10/01/2032     21,771       21,998
Freddie Mac Pool FR ZK9163
  3.000% 01/01/2033     33,318       33,680
Freddie Mac Pool FR ZM1434
  3.500% 07/01/2046     27,951       28,148
Freddie Mac Pool FR ZM4821
  3.500% 11/01/2047     28,425       28,829
Freddie Mac Pool FR ZM4939
  3.500% 11/01/2047     49,958       50,649
Freddie Mac Pool FR ZM5102
  3.500% 12/01/2047     61,316       62,163
Freddie Mac Pool FR ZM5228
  3.500% 12/01/2047     35,688       36,112
Freddie Mac Pool FR ZM5705
  3.500% 02/01/2048     16,901       17,179
Freddie Mac Pool FR ZM5707
  3.500% 02/01/2048     11,393       11,530
Freddie Mac Pool FR ZM5945
  4.000% 03/01/2048     35,415       36,845
Freddie Mac Pool FR ZM6220
  4.000% 04/01/2048     17,615       18,032
Freddie Mac Pool FR ZM6276
  4.000% 04/01/2048     43,117       44,748
Freddie Mac Pool FR ZM6427
  4.000% 05/01/2048     97,282       99,917
Freddie Mac Pool FR ZN2165
  4.500% 12/01/2048     48,383       51,182
73
(continued)
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
U.S. Government Agency Mortgage-Backed Securities (Continued) Rate Maturity Face Amount Value
Freddie Mac Pool FR ZS4598
  3.000% 01/01/2045 $    19,048 $     18,937
Freddie Mac Pool FR ZS7403
  3.000% 05/01/2031    183,294      184,767
Freddie Mac Pool FR ZS9830
  3.500% 10/01/2046    206,157      209,949
Freddie Mac Pool FR ZT0272
  3.500% 02/01/2047    114,388      116,475
Freddie Mac Pool FR ZT0337
  3.500% 12/01/2044     20,250       20,652
Freddie Mac Pool FR ZT0537
  3.500% 03/01/2048    159,351      161,553
Freddie Mac Pool FR ZT1633
  4.000% 03/01/2047     10,643      11,102
Total U.S. Government Agency Mortgage-Backed Securities (Cost $11,507,243)
         $11,286,536
    
Exchange Traded Funds–2.7% Shares Value
SPDR S&P 500 ETF Trust
  23,876 $ 10,783,357
Total Exchange Traded Funds (Cost $8,661,341)
     $10,783,357
    
Preferred Securities–0.8% Rate Quantity Value
Financials–0.7%
 		       
Bank of America Corp. DR (Rate is fixed until 09/05/2024, at which point, the rate becomes QL + 371) (Banks)
  (c) 6.250% 286,000 $    295,638
Bank of America Corp. DR (Rate is fixed until 03/17/2025, at which point, the rate becomes QL + 390) (Banks)
  (c) 6.100% 124,000      129,339
Bank of New York Mellon Corp. / The DR (Rate is fixed until 09/20/2025, at which point, the rate becomes H15T5Y + 436) (Capital Markets)
  (c) 4.700% 61,000       62,464
Charles Schwab Corp. / The DR (Rate is fixed until 06/01/2026, at which point, the rate becomes H15T5Y + 317) (Capital Markets)
  (c) 4.000% 455,000      435,662
Citigroup, Inc. DR (Rate is fixed until 01/30/2023, at which point, the rate becomes QL + 407) (Banks)
  (c) 5.950% 217,000      219,300
Citigroup, Inc. DR (Rate is fixed until 05/15/2025, at which point, the rate becomes QL + 391) (Banks)
  (c) 5.950% 142,000      144,741
Citigroup, Inc. (Rate is fixed until 12/10/2025, at which point, the rate becomes H15T5Y + 360) (Banks)
  (c) 4.000% 101,000       96,960
Citigroup, Inc. DR (Rate is fixed until 02/15/2023, at which point, the rate becomes QL + 423) (Banks)
  (c) 5.900% 27,000       27,412
Discover Financial Services (Rate is fixed until 09/23/2025, at which point, the rate becomes H15T5Y + 578) (Consumer Finance)
  (c) 6.125% 404,000      420,435
Fifth Third Bancorp DR (Rate is fixed until 09/30/2025, at which point, the rate becomes H15T5Y + 422) (Banks)
  (c) 4.500% 76,000       74,670
Goldman Sachs Group, Inc. / The DR (Rate is fixed until 11/10/2026, at which point, the rate becomes H15T5Y + 295) (Capital Markets)
  (c) 4.125% 120,000      112,530
JPMorgan Chase & Co. DR (Banks)
  QL + 347 131,000      131,000
JPMorgan Chase & Co. DR (Banks)
  QL + 332 65,000       64,756
Truist Financial Corp. DR (Rate is fixed until 09/01/2030, at which point, the rate becomes H15T10Y + 435) (Banks)
  (c) 5.100% 256,000      259,584
Wells Fargo & Co. DR (Rate is fixed until 06/15/2025, at which point, the rate becomes QL + 399) (Banks)
  (c) 5.875% 292,000     305,082
          2,779,573
Industrials–0.1%
 		       
General Electric Co. (Industrial Conglomerates)
  QL + 333 336,000     322,140
Utilities–0.0%
 		       
Vistra Corp. (Rate is fixed until 12/15/2026, at which point, the rate becomes H15T5Y + 574) (Ind. Power & Renewable Elec.)
 (b)(c) 7.000% 107,000     104,191
Total Preferred Securities (Cost $3,286,379)
        $3,205,904
    
Sovereign Issues–0.5% Rate Maturity Face Amount Value
CDBL Funding 1
  3.500% 10/24/2027 $   230,000 $    226,406
Colombia Government International Bond
  3.125% 04/15/2031    540,000      456,975
Comision Federal de Electricidad
  (b) 4.688% 05/15/2029    221,000      216,580
Comision Federal de Electricidad
  (b) 3.348% 02/09/2031    236,000      206,502
Dominican Republic International Bond
  (b) 4.875% 09/23/2032    250,000      226,253
ENA Master Trust
  (b) 4.000% 05/19/2048    203,000      190,566
Oleoducto Central SA
  (b) 4.000% 07/14/2027    410,000     386,409
Total Sovereign Issues (Cost $2,105,300)
          $1,909,691
    
Taxable Municipal Bonds–0.2% Rate Maturity Face Amount Value
Ochsner LSU Health System of North Louisiana
  2.510% 05/15/2031 $   230,000 $    202,494
Tobacco Settlement Finance Authority
  3.000% 06/01/2035    165,000      166,684
University of California
  3.071% 05/15/2051    310,000     269,850
Total Taxable Municipal Bonds (Cost $706,596)
            $639,028
    
74
(continued)
Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Money Market Funds–4.4% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (g) 15,403,029 $ 15,401,489
State Street Institutional U.S. Government Money Market Fund, 0.246%
  (g) 2,214,026   2,214,026
Total Money Market Funds (Cost $17,614,941)
     $17,615,515
Total Investments – 99.9% (Cost $343,696,243)
  (h)   $397,585,950
Other Assets in Excess of Liabilities – 0.1%     511,474
Net Assets – 100.0%     $398,097,424
    
Percentages are stated as a percent of net assets.
    
Abbreviations:  
ADR: American Depositary Receipts
CLO: Collaterized Loan Obligation
DR: Depositary Receipt
H15T10Y: U.S. Treasury Yield Curve Rate T-Note Constant Maturity 10 Year, 2.320% at 03/31/2022
H15T1Y: U.S. Treasury Yield Curve Rate T-Note Constant Maturity 1 Year, 1.630% at 03/31/2022
H15T5Y: U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 2.420% at 03/31/2022
ML: Monthly U.S. LIBOR Rate, 0.452% at 03/31/2022
QL: Quarterly U.S. LIBOR Rate, 0.962% at 03/31/2022
SOFR: Secured Overnight Financing Rate, 0.290% at 03/31/2022
SOFR30A: 30 Day Average Secured Overnight Financing Rate, 0.159% at 03/31/2022
UMBS TBA: Uniform Mortgage-Backed Security; the securities actually delivered on settlement of the To Be Announced ("TBA") could be issued by Fannie Mae, Freddie Mac, or any combination thereof
USISDA05: USD ICE Swap Rate 11:00am NY 5 Year, 2.465% at 03/31/2022
    
Footnotes:  
(a) Non-income producing security.
(b) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At March 31, 2022, the value of these securities totaled $41,965,364, or 10.5% of the Portfolio’s net assets.
(c) Security is a fixed-then-variable rate instrument in which the coupon or dividend rate is fixed until a later specified date, then is adjusted periodically. Rates stated, including interest rate caps and floors, if any, are those in effect at March 31, 2022.
(d) Security is partially pledged as collateral for the futures contracts outstanding at March 31, 2022. The market value pledged totaled $6,239,327. See also the following Schedule of Open Futures Contracts.
(e) Interest-only security
(f) 100 shares per contract.
(g) Rate represents the seven-day yield at March 31, 2022.
(h) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
 Schedule of Open Futures Contracts March 31, 2022 (Unaudited) 
  Long Futures Contracts
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
CBT 10-Year U.S. Treasury Note - Long   1,162   June 21, 2022   $146,799,927   142,780,750   $(4,019,177)   $290,500
CBT 10-Year U.S. Ultra Bond - Long   38   June 21, 2022   5,370,896   5,147,813   (223,083)   15,031
CBT U.S. Ultra Bond - Long   18   June 21, 2022   3,287,659   3,188,250   (99,409)   16,219
CBT U.S. Long Bond - Long   79   June 21, 2022   12,332,535   11,854,938   (477,597)   49,375
CBT 2-Year U.S. Treasury Note - Long   25   June 30, 2022   5,365,828   5,298,047   (67,781)   4,102
CBT 5-Year U.S. Treasury Note - Long   238   June 30, 2022   27,935,109   27,295,625   (639,484)   42,656
            $201,091,954   $195,565,423   $(5,526,531)   $417,883
  Short Futures Contracts
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
CME E-mini S&P 500 Index - Short   182   June 17, 2022   $(39,020,185)   (41,229,825)   $(2,209,640)   $575,241
Total Futures Contracts           $162,071,769   $154,335,598   $(7,736,171)   $993,124
The accompanying notes are an integral part of these financial statements.
75
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds–39.3% Rate Maturity Face Amount Value
Communication Services–4.7%
 		         
Alphabet, Inc. (Interactive Media & Svs.)
  1.900% 08/15/2040 $   650,000 $    530,091
AMC Networks, Inc. (Media)
  5.000% 04/01/2024     20,000       19,950
AMC Networks, Inc. (Media)
  4.250% 02/15/2029     25,000       23,330
America Movil S.A.B de C.V. (Wireless Telecom. Svs.)
  2.875% 05/07/2030    550,000      525,420
AT&T, Inc. (Diversified Telecom. Svs.)
  0.900% 03/25/2024    550,000      532,412
AT&T, Inc. (Diversified Telecom. Svs.)
  1.700% 03/25/2026    550,000      520,677
AT&T, Inc. (Diversified Telecom. Svs.)
  4.300% 02/15/2030    175,000      184,901
AT&T, Inc. (Diversified Telecom. Svs.)
  3.500% 06/01/2041    875,000      805,630
AT&T, Inc. (Diversified Telecom. Svs.)
  3.800% 12/01/2057  1,870,000    1,706,076
Audacy Capital Corp. (Media)
  (a) 6.500% 05/01/2027     75,000       70,370
Audacy Capital Corp. (Media)
  (a) 6.750% 03/31/2029    125,000      116,719
Cars.com, Inc. (Interactive Media & Svs.)
  (a) 6.375% 11/01/2028    100,000       99,287
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (a) 5.500% 05/01/2026     25,000       25,351
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (a) 5.000% 02/01/2028    150,000      148,425
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (a) 4.500% 08/15/2030    350,000      328,402
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (a) 4.250% 02/01/2031    175,000      158,812
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)
  (a) 4.500% 06/01/2033    125,000      112,188
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)
  6.484% 10/23/2045    750,000      853,787
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)
  4.800% 03/01/2050    705,000      669,686
Comcast Corp. (Media)
  3.450% 02/01/2050  2,250,000    2,104,951
CSC Holdings LLC (Media)
  (a) 5.500% 04/15/2027    200,000      198,250
CSC Holdings LLC (Media)
  (a) 7.500% 04/01/2028    250,000      245,625
Cumulus Media New Holdings, Inc. (Media)
  (a) 6.750% 07/01/2026     98,000       98,024
Deutsche Telekom International Finance B.V. (Diversified Telecom. Svs.)
  (a) 3.600% 01/19/2027  1,100,000    1,110,375
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. (Media)
  (a) 5.875% 08/15/2027    100,000       98,375
DISH DBS Corp. (Media)
  (a) 5.250% 12/01/2026     50,000       47,625
DISH DBS Corp. (Media)
  7.375% 07/01/2028     50,000       47,375
DISH DBS Corp. (Media)
  5.125% 06/01/2029    150,000      127,738
Fox Corp. (Media)
  5.576% 01/25/2049    375,000      435,886
Gray Escrow II, Inc. (Media)
  (a) 5.375% 11/15/2031    125,000      119,527
Gray Television, Inc. (Media)
  (a) 4.750% 10/15/2030    100,000       92,875
Grupo Televisa S.A.B. (Media)
  5.000% 05/13/2045  1,100,000    1,138,355
iHeartCommunications, Inc. (Media)
  6.375% 05/01/2026     50,000       51,375
iHeartCommunications, Inc. (Media)
  8.375% 05/01/2027    150,000      155,092
iHeartCommunications, Inc. (Media)
  (a) 5.250% 08/15/2027    175,000      173,031
Interpublic Group of Cos., Inc. / The (Media)
  3.375% 03/01/2041  1,395,000    1,241,762
Lamar Media Corp. (Media)
  4.875% 01/15/2029     75,000       74,438
Magallanes, Inc. (Media)
  (a) 4.279% 03/15/2032    700,000      703,114
Magallanes, Inc. (Media)
  (a) 5.050% 03/15/2042    720,000      734,422
Match Group Holdings II LLC (Interactive Media & Svs.)
  (a) 5.000% 12/15/2027    125,000      124,392
Match Group Holdings II LLC (Interactive Media & Svs.)
  (a) 4.125% 08/01/2030     25,000       23,427
Match Group Holdings II LLC (Interactive Media & Svs.)
  (a) 3.625% 10/01/2031     50,000       44,722
Midas OpCo Holdings LLC (Media)
  (a) 5.625% 08/15/2029    200,000      188,676
Millennium Escrow Corp. (Interactive Media & Svs.)
  (a) 6.625% 08/01/2026     50,000       47,472
Netflix, Inc. (Entertainment)
  4.875% 04/15/2028    675,000      707,910
News Corp. (Media)
  (a) 5.125% 02/15/2032     25,000       25,133
Nexstar Media, Inc. (Media)
  (a) 5.625% 07/15/2027    175,000      177,135
Nexstar Media, Inc. (Media)
  (a) 4.750% 11/01/2028     75,000       72,656
Paramount Global (Media)
  4.200% 05/19/2032    800,000      801,135
Paramount Global (Media)
  4.900% 08/15/2044    450,000      454,203
Rackspace Technology Global, Inc. (Interactive Media & Svs.)
  (a) 3.500% 02/15/2028     75,000       67,097
Rackspace Technology Global, Inc. (Interactive Media & Svs.)
  (a) 5.375% 12/01/2028    125,000      108,456
Rogers Communications, Inc. (Wireless Telecom. Svs.)
  (a) 4.500% 03/15/2042    815,000      825,700
Scripps Escrow, Inc. (Media)
  (a) 5.875% 07/15/2027    175,000      175,133
Sinclair Television Group, Inc. (Media)
  (a) 5.875% 03/15/2026    125,000      121,846
Sinclair Television Group, Inc. (Media)
  (a) 5.125% 02/15/2027     75,000       68,063
Sinclair Television Group, Inc. (Media)
  (a) 5.500% 03/01/2030     75,000       64,910
Sirius XM Radio, Inc. (Media)
  (a) 5.500% 07/01/2029     50,000       50,750
Sirius XM Radio, Inc. (Media)
  (a) 4.125% 07/01/2030    100,000       93,617
Sirius XM Radio, Inc. (Media)
  (a) 3.875% 09/01/2031    250,000      227,500
Sky Ltd. (Media)
  (a) 3.750% 09/16/2024    575,000      584,533
Sprint Corp. (Wireless Telecom. Svs.)
  7.625% 03/01/2026     75,000       84,661
TEGNA, Inc. (Media)
  (a) 4.750% 03/15/2026    100,000       99,948
TEGNA, Inc. (Media)
  4.625% 03/15/2028     50,000       49,736
TEGNA, Inc. (Media)
  5.000% 09/15/2029     50,000       50,122
Telefonica Emisiones SA (Diversified Telecom. Svs.)
  4.895% 03/06/2048  1,100,000    1,137,407
76
(continued)
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Communication Services (continued)
 		         
Telenet Finance Luxembourg Notes SARL (Media)
  (a) 5.500% 03/01/2028 $   200,000 $    193,000
Terrier Media Buyer, Inc. (Media)
  (a) 8.875% 12/15/2027    200,000      203,500
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  4.750% 02/01/2028    175,000      177,870
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  (a) 3.375% 04/15/2029    200,000      190,226
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  4.500% 04/15/2050    450,000      455,245
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)
  3.300% 02/15/2051    700,000      588,998
Twitter, Inc. (Interactive Media & Svs.)
  (a) 5.000% 03/01/2030     75,000       74,625
Univision Communications, Inc. (Media)
  (a) 4.500% 05/01/2029     25,000       23,797
UPC Broadband Finco B.V. (Media)
  (a) 4.875% 07/15/2031    200,000      187,774
Urban One, Inc. (Media)
  (a) 7.375% 02/01/2028    100,000      100,375
Verizon Communications, Inc. (Diversified Telecom. Svs.)
  3.400% 03/22/2041  1,205,000    1,129,587
Verizon Communications, Inc. (Diversified Telecom. Svs.)
  4.000% 03/22/2050  1,300,000    1,319,096
Virgin Media Finance PLC (Media)
  (a) 5.000% 07/15/2030    200,000      188,899
Vodafone Group PLC (Wireless Telecom. Svs.)
  4.125% 05/30/2025    525,000      540,514
Vodafone Group PLC (Wireless Telecom. Svs.)
  5.250% 05/30/2048    650,000      728,094
VZ Secured Financing B.V. (Media)
  (a) 5.000% 01/15/2032    200,000      187,000
Walt Disney Co. / The (Entertainment)
  3.800% 03/22/2030    125,000      129,907
Walt Disney Co. / The (Entertainment)
  4.700% 03/23/2050    525,000      608,861
Walt Disney Co. / The (Entertainment)
  3.600% 01/13/2051    350,000      346,070
WMG Acquisition Corp. (Entertainment)
  (a) 3.750% 12/01/2029     50,000       47,000
ZipRecruiter, Inc. (Interactive Media & Svs.)
  (a) 5.000% 01/15/2030     25,000      24,414
           30,350,921
Consumer Discretionary–2.0%
 		         
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)
  (a) 4.000% 10/15/2030    225,000      202,958
Advance Auto Parts, Inc. (Specialty Retail)
  3.900% 04/15/2030  1,375,000    1,370,267
Affinity Gaming (Hotels, Restaurants & Leisure)
  (a) 6.875% 12/15/2027    175,000      170,187
Amazon.com, Inc. (Internet & Direct Marketing Retail)
  3.875% 08/22/2037    875,000      926,134
Amazon.com, Inc. (Internet & Direct Marketing Retail)
  2.500% 06/03/2050    725,000      605,274
Aramark Services, Inc. (Hotels, Restaurants & Leisure)
  (a) 5.000% 04/01/2025     50,000       50,096
Aramark Services, Inc. (Hotels, Restaurants & Leisure)
  (a) 5.000% 02/01/2028     50,000       48,500
Asbury Automotive Group, Inc. (Specialty Retail)
  (a) 4.625% 11/15/2029     50,000       46,563
Asbury Automotive Group, Inc. (Specialty Retail)
  (a) 5.000% 02/15/2032     75,000       69,716
AutoNation, Inc. (Specialty Retail)
  4.750% 06/01/2030    585,000      609,732
AutoNation, Inc. (Specialty Retail)
  2.400% 08/01/2031    550,000      478,845
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)
  (a) 8.625% 06/01/2025     37,000       38,863
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)
  4.750% 12/01/2027    100,000       99,500
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 6.250% 07/01/2025     50,000       51,622
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 8.125% 07/01/2027     75,000       80,359
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 4.625% 10/15/2029    100,000       93,500
Clarios Global LP (Automobiles)
  (a) 6.750% 05/15/2025     72,000       74,558
Clarios Global LP / Clarios U.S. Finance Co. (Auto Components)
  (a) 6.250% 05/15/2026     22,000       22,633
Clarios Global LP / Clarios U.S. Finance Co. (Auto Components)
  (a) 8.500% 05/15/2027    200,000      207,500
Daimler Finance North America LLC (Automobiles)
  (a) 3.350% 02/22/2023    950,000      958,795
Daimler Trucks Finance North America LLC (Automobiles)
  (a) 2.000% 12/14/2026    540,000      502,991
Daimler Trucks Finance North America LLC (Automobiles)
  (a) 2.375% 12/14/2028    180,000      163,871
Dana Financing Luxembourg SARL (Auto Components)
  (a) 5.750% 04/15/2025     75,000       75,725
Dana, Inc. (Auto Components)
  4.500% 02/15/2032     50,000       44,750
Dollar General Corp. (Multiline Retail)
  3.875% 04/15/2027  1,075,000    1,106,049
Dornoch Debt Merger Sub, Inc. (Auto Components)
  (a) 6.625% 10/15/2029    200,000      173,894
Expedia Group, Inc. (Hotels, Restaurants & Leisure)
  3.800% 02/15/2028    750,000      746,022
Gap, Inc. / The (Specialty Retail)
  (a) 3.625% 10/01/2029     25,000       22,275
Gap, Inc. / The (Specialty Retail)
  (a) 3.875% 10/01/2031     50,000       43,555
Garda World Security Corp. (Diversified Consumer Svs.)
  (a) 9.500% 11/01/2027    175,000      179,375
Gates Global LLC / Gates Corp. (Auto Components)
  (a) 6.250% 01/15/2026    200,000      200,187
General Motors Co. (Automobiles)
  6.125% 10/01/2025    575,000      617,275
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)
  (a) 3.625% 02/15/2032     50,000       45,375
Home Depot, Inc. / The (Specialty Retail)
  3.300% 04/15/2040  1,300,000    1,252,078
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure)
  (a) 4.625% 06/15/2025     75,000       75,563
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure)
  4.500% 01/15/2028     75,000       75,563
MGM Resorts International (Hotels, Restaurants & Leisure)
  6.750% 05/01/2025     50,000       51,586
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. (Hotels, Restaurants & Leisure)
  (a) 4.875% 05/01/2029    100,000       92,186
Mohegan Gaming & Entertainment (Hotels, Restaurants & Leisure)
  (a) 8.000% 02/01/2026    225,000      223,594
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure)
  (a) 5.625% 01/15/2027     50,000       49,542
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure)
  (a) 4.125% 07/01/2029     25,000       22,380
Raptor Acquisition Corp. / Raptor Co-Issuer LLC (Hotels, Restaurants & Leisure)
  (a) 4.875% 11/01/2026    100,000       96,050
77
(continued)
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Consumer Discretionary (continued)
 		         
Real Hero Merger Sub 2, Inc. (Auto Components)
  (a) 6.250% 02/01/2029 $   250,000 $    227,782
Scientific Games Holdings LP / Scientific Games U.S. FinCo, Inc. (Hotels, Restaurants & Leisure)
  (a) 6.625% 03/01/2030    100,000       98,578
Scientific Games International, Inc. (Hotels, Restaurants & Leisure)
  (a) 8.625% 07/01/2025    100,000      105,125
Scientific Games International, Inc. (Hotels, Restaurants & Leisure)
  (a) 7.250% 11/15/2029     75,000       78,562
SeaWorld Parks & Entertainment, Inc. (Hotels, Restaurants & Leisure)
  (a) 5.250% 08/15/2029    100,000       95,374
Signal Parent, Inc. (Diversified Consumer Svs.)
  (a) 6.125% 04/01/2029    150,000      122,247
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)
  (a) 5.500% 04/15/2027    125,000      124,844
Station Casinos LLC (Hotels, Restaurants & Leisure)
  (a) 4.500% 02/15/2028    100,000       94,848
Station Casinos LLC (Hotels, Restaurants & Leisure)
  (a) 4.625% 12/01/2031     50,000       45,735
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)
  4.625% 01/31/2032    150,000     145,093
           13,203,676
Consumer Staples–2.6%
 		         
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing)
  (a) 5.875% 02/15/2028     75,000       74,746
Alimentation Couche-Tard, Inc. (Food & Staples Retailing)
  (a) 3.800% 01/25/2050  1,025,000      955,041
Altria Group, Inc. (Tobacco)
  3.875% 09/16/2046  1,500,000    1,270,114
Anheuser-Busch InBev Worldwide, Inc. (Beverages)
  4.350% 06/01/2040    600,000      624,385
Anheuser-Busch InBev Worldwide, Inc. (Beverages)
  4.500% 06/01/2050  2,050,000    2,190,307
B.A.T. Capital Corp. (Tobacco)
  3.734% 09/25/2040    300,000      245,798
B.A.T. Capital Corp. (Tobacco)
  4.540% 08/15/2047  1,025,000      914,697
BellRing Brands, Inc. (Personal Products)
  (a) 7.000% 03/15/2030    125,000      127,656
Coca-Cola Europacific Partners PLC (Beverages)
  (a) 1.500% 01/15/2027    600,000      547,413
Coca-Cola Femsa S.A.B de C.V. (Beverages)
  2.750% 01/22/2030    750,000      717,772
Coca-Cola Femsa S.A.B de C.V. (Beverages)
  1.850% 09/01/2032    450,000      390,438
Constellation Brands, Inc. (Beverages)
  3.750% 05/01/2050    600,000      555,709
Edgewell Personal Care Co. (Personal Products)
  (a) 5.500% 06/01/2028     75,000       74,625
Edgewell Personal Care Co. (Personal Products)
  (a) 4.125% 04/01/2029     50,000       46,011
Energizer Holdings, Inc. (Household Products)
  (a) 6.500% 12/31/2027     50,000       49,500
Energizer Holdings, Inc. (Household Products)
  (a) 4.375% 03/31/2029    100,000       87,549
Flowers Foods, Inc. (Food Products)
  3.500% 10/01/2026    925,000      932,924
Flowers Foods, Inc. (Food Products)
  2.400% 03/15/2031    185,000      165,958
General Mills, Inc. (Food Products)
  3.700% 10/17/2023    150,000      152,426
Grupo Bimbo S.A.B de C.V. (Food Products)
  (a) 4.875% 06/27/2044    925,000      952,441
Keurig Dr Pepper, Inc. (Beverages)
  4.417% 05/25/2025    150,000      155,008
Kraft Heinz Foods Co. (Food Products)
  4.375% 06/01/2046  1,175,000    1,160,477
Kroger Co. / The (Food & Staples Retailing)
  3.950% 01/15/2050    575,000      581,673
Performance Food Group, Inc. (Food & Staples Retailing)
  (a) 5.500% 10/15/2027     50,000       49,760
Performance Food Group, Inc. (Food & Staples Retailing)
  (a) 4.250% 08/01/2029     75,000       68,344
Philip Morris International, Inc. (Tobacco)
  3.875% 08/21/2042    865,000      804,496
Post Holdings, Inc. (Food Products)
  (a) 5.750% 03/01/2027    150,000      150,742
Post Holdings, Inc. (Food Products)
  (a) 5.500% 12/15/2029     50,000       48,109
Post Holdings, Inc. (Food Products)
  (a) 4.625% 04/15/2030     25,000       22,511
Smithfield Foods, Inc. (Food Products)
  (a) 3.000% 10/15/2030  1,025,000      930,251
Smithfield Foods, Inc. (Food Products)
  (a) 2.625% 09/13/2031    500,000      439,028
Sysco Corp. (Food & Staples Retailing)
  4.450% 03/15/2048  1,025,000    1,062,952
U.S. Foods, Inc. (Food & Staples Retailing)
  (a) 4.750% 02/15/2029     75,000       71,531
U.S. Foods, Inc. (Food & Staples Retailing)
  (a) 4.625% 06/01/2030    125,000      115,639
Unilever Capital Corp. (Personal Products)
  0.375% 09/14/2023    100,000      97,451
           16,833,482
Energy–3.4%
 		         
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 7.875% 05/15/2026     50,000       54,106
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.750% 03/01/2027    125,000      127,299
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.750% 01/15/2028     75,000       76,594
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.375% 06/15/2029    125,000      124,872
Antero Resources Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.375% 03/01/2030     75,000       76,594
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 6.875% 04/01/2027    125,000      126,402
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 6.250% 04/01/2028    150,000      147,838
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 7.000% 11/01/2026     50,000       51,275
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.875% 06/30/2029    100,000       98,809
Boardwalk Pipelines LP (Oil, Gas & Consumable Fuels)
  3.400% 02/15/2031    600,000      567,443
Boardwalk Pipelines LP (Oil, Gas & Consumable Fuels)
  3.600% 09/01/2032    515,000      490,989
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)
  3.194% 04/06/2025    500,000      503,594
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)
  3.588% 04/14/2027  1,000,000    1,014,802
78
(continued)
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Energy (continued)          
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)
  2.050% 07/15/2025 $   725,000 $    695,173
Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)
  4.250% 04/15/2027  1,300,000    1,341,429
Centennial Resource Production LLC (Oil, Gas & Consumable Fuels)
  (a) 6.875% 04/01/2027    150,000      150,765
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)
  4.500% 10/01/2029     75,000       75,375
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)
  (a) 3.250% 01/31/2032     50,000       45,465
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)
  4.625% 10/15/2028     50,000       50,168
Chevron Corp. (Oil, Gas & Consumable Fuels)
  3.078% 05/11/2050    650,000      613,618
CNX Midstream Partners LP (Oil, Gas & Consumable Fuels)
  (a) 4.750% 04/15/2030     75,000       70,235
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)
  (a) 6.750% 03/01/2029    150,000      154,737
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 8.000% 04/01/2029     50,000       53,369
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels)
  (a) 5.625% 10/15/2025    125,000      127,404
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)
  (a) 4.375% 06/15/2031     75,000       71,813
Eastern Gas Transmission & Storage, Inc. (Oil, Gas & Consumable Fuels)
  (a) 3.900% 11/15/2049    150,000      146,223
Enbridge Energy Partners LP (Oil, Gas & Consumable Fuels)
  5.500% 09/15/2040    700,000      794,774
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels)
  (a) 5.750% 01/30/2028     75,000       77,531
Energy Transfer LP (Oil, Gas & Consumable Fuels)
  3.750% 05/15/2030    700,000      688,631
Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels)
  3.700% 01/31/2051  1,150,000    1,052,244
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)
  5.500% 07/15/2028    175,000      175,685
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)
  (a) 4.500% 01/15/2029     75,000       70,125
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)
  (a) 4.750% 01/15/2031     50,000       46,750
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)
  6.500% 07/15/2048    125,000      120,625
EQT Corp. (Oil, Gas & Consumable Fuels)
  5.000% 01/15/2029     25,000       25,809
EQT Corp. (Oil, Gas & Consumable Fuels)
  (a) 3.625% 05/15/2031     25,000       23,875
Hess Corp. (Oil, Gas & Consumable Fuels)
  5.600% 02/15/2041    980,000    1,101,175
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)
  (a) 5.125% 06/15/2028     50,000       49,967
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)
  (a) 4.250% 02/15/2030     75,000       70,770
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels)
  (a) 5.000% 02/01/2028     75,000       71,156
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)
  3.250% 08/01/2050    420,000      348,645
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)
  4.400% 07/15/2027  1,025,000    1,056,665
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)
  4.750% 09/15/2044    725,000      737,184
MPLX LP (Oil, Gas & Consumable Fuels)
  4.950% 03/14/2052    700,000      728,755
Nabors Industries Ltd. (Energy Equip. & Svs.)
  (a) 7.250% 01/15/2026     75,000       75,000
Nabors Industries Ltd. (Energy Equip. & Svs.)
  (a) 7.500% 01/15/2028     25,000       24,375
Nabors Industries, Inc. (Oil, Gas & Consumable Fuels)
  (a) 7.375% 05/15/2027     25,000       25,969
NuStar Logistics LP (Oil, Gas & Consumable Fuels)
  6.000% 06/01/2026     50,000       50,562
NuStar Logistics LP (Oil, Gas & Consumable Fuels)
  6.375% 10/01/2030     75,000       76,015
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels)
  (a) 6.375% 06/01/2026     25,000       25,625
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  8.000% 07/15/2025     75,000       84,225
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  8.875% 07/15/2030     25,000       32,063
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  6.450% 09/15/2036    125,000      146,836
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  4.300% 08/15/2039    100,000       94,500
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)
  4.400% 04/15/2046     50,000       47,500
ONEOK, Inc. (Oil, Gas & Consumable Fuels)
  2.200% 09/15/2025    225,000      215,457
ONEOK, Inc. (Oil, Gas & Consumable Fuels)
  4.500% 03/15/2050    875,000      836,965
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)
  5.750% 05/15/2026     75,000       76,030
Phillips 66 (Oil, Gas & Consumable Fuels)
  0.900% 02/15/2024    150,000      145,155
Phillips 66 (Oil, Gas & Consumable Fuels)
  3.850% 04/09/2025    500,000      510,134
Phillips 66 (Oil, Gas & Consumable Fuels)
  4.875% 11/15/2044    725,000      803,206
Precision Drilling Corp. (Energy Equip. & Svs.)
  (a) 6.875% 01/15/2029     75,000       76,125
Range Resources Corp. (Oil, Gas & Consumable Fuels)
  4.875% 05/15/2025     25,000       25,304
Range Resources Corp. (Oil, Gas & Consumable Fuels)
  8.250% 01/15/2029     75,000       82,193
Rockcliff Energy II LLC (Oil, Gas & Consumable Fuels)
  (a) 5.500% 10/15/2029    100,000      100,092
Shell International Finance B.V. (Oil, Gas & Consumable Fuels)
  0.375% 09/15/2023    680,000      662,376
SM Energy Co. (Oil, Gas & Consumable Fuels)
  6.750% 09/15/2026     50,000       51,414
SM Energy Co. (Oil, Gas & Consumable Fuels)
  6.500% 07/15/2028    100,000      103,193
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)
  5.375% 03/15/2030     50,000       50,811
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)
  4.750% 02/01/2032     25,000       24,969
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)
  3.750% 03/04/2051  1,150,000    1,103,632
Tap Rock Resources LLC (Oil, Gas & Consumable Fuels)
  (a) 7.000% 10/01/2026    100,000      103,512
Targa Resources Corp. (Oil, Gas & Consumable Fuels)
  4.200% 02/01/2033    180,000      181,642
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)
  6.875% 04/01/2026    225,000      227,025
Valero Energy Corp. (Oil, Gas & Consumable Fuels)
  4.350% 06/01/2028    500,000      518,928
Valero Energy Corp. (Oil, Gas & Consumable Fuels)
  2.800% 12/01/2031    500,000      461,476
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)
  5.300% 03/01/2048     75,000       74,250
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)
  5.500% 08/15/2048     25,000       24,688
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)
  3.750% 06/15/2027    725,000     732,921
           22,170,925
79
(continued)
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Financials–9.4%
 		         
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)
  3.000% 10/29/2028 $   315,000 $    290,489
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)
  3.400% 10/29/2033    700,000      627,405
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (Insurance)
  (a) 6.750% 10/15/2027     25,000       24,699
American Express Co. (Consumer Finance)
  (a) 3.300% 05/03/2027  1,150,000    1,155,494
American International Group, Inc. (Insurance)
  4.500% 07/16/2044    725,000      782,336
AmWINS Group, Inc. (Insurance)
  (a) 4.875% 06/30/2029    125,000      120,003
AssuredPartners, Inc. (Insurance)
  (a) 7.000% 08/15/2025     50,000       49,688
AssuredPartners, Inc. (Insurance)
  (a) 5.625% 01/15/2029    125,000      115,050
Bank of America Corp. (Rate is fixed until 02/13/2025, at which point, the rate becomes QL + 64) (Banks)
  (b) 2.015% 02/13/2026  3,425,000    3,296,731
Bank of America Corp. (Rate is fixed until 04/29/2030, at which point, the rate becomes SOFR + 215) (Banks)
  (b) 2.592% 04/29/2031  2,600,000    2,398,673
Bank of America Corp. (Rate is fixed until 04/22/2031, at which point, the rate becomes SOFR + 132) (Banks)
  (b) 2.687% 04/22/2032  1,450,000    1,333,473
Bank of New York Mellon Corp. / The (Capital Markets)
  2.200% 08/16/2023  1,850,000    1,847,499
BlackRock, Inc. (Capital Markets)
  1.900% 01/28/2031    575,000      519,227
BroadStreet Partners, Inc. (Insurance)
  (a) 5.875% 04/15/2029    225,000      209,813
Capital One Financial Corp. (Consumer Finance)
  3.900% 01/29/2024  1,025,000    1,041,010
Chubb INA Holdings, Inc. (Insurance)
  3.350% 05/03/2026    575,000      582,860
Citigroup, Inc. (Rate is fixed until 04/24/2024, at which point, the rate becomes QL + 90) (Banks)
  (b) 3.352% 04/24/2025  1,000,000    1,002,378
Citigroup, Inc. (Rate is fixed until 01/28/2026, at which point, the rate becomes SOFR + 77) (Banks)
  (b) 1.122% 01/28/2027    875,000      802,718
Citigroup, Inc. (Rate is fixed until 01/29/2030, at which point, the rate becomes SOFR + 115) (Banks)
  (b) 2.666% 01/29/2031  2,200,000    2,038,281
Citigroup, Inc. (Rate is fixed until 01/25/2032, at which point, the rate becomes SOFR + 135) (Banks)
  (b) 3.057% 01/25/2033    385,000      359,718
Citizens Bank N.A. (Banks)
  3.750% 02/18/2026    725,000      740,112
Comerica, Inc. (Banks)
  3.800% 07/22/2026    675,000      686,560
Ford Motor Credit Co. LLC (Consumer Finance)
  2.700% 08/10/2026    225,000      209,252
Ford Motor Credit Co. LLC (Consumer Finance)
  5.113% 05/03/2029    400,000      402,372
General Motors Financial Co., Inc. (Consumer Finance)
  2.900% 02/26/2025  1,175,000    1,147,705
General Motors Financial Co., Inc. (Consumer Finance)
  2.700% 08/20/2027  1,025,000      964,350
General Motors Financial Co., Inc. (Consumer Finance)
  2.400% 04/10/2028    725,000      656,174
Goldman Sachs Group, Inc. / The (Capital Markets)
  3.500% 04/01/2025  1,075,000    1,083,017
Goldman Sachs Group, Inc. / The (Rate is fixed until 10/21/2026, at which point, the rate becomes SOFR + 91) (Capital Markets)
  (b) 1.948% 10/21/2027    500,000      464,674
Goldman Sachs Group, Inc. / The (Capital Markets)
  3.800% 03/15/2030  1,900,000    1,912,623
Goldman Sachs Group, Inc. / The (Rate is fixed until 01/27/2031, at which point, the rate becomes SOFR + 109) (Capital Markets)
  (b) 1.992% 01/27/2032  1,100,000      952,908
GTCR AP Finance, Inc. (Insurance)
  (a) 8.000% 05/15/2027    100,000      101,165
Hartford Financial Services Group, Inc. / The (Insurance)
  2.900% 09/15/2051    575,000      472,812
HSBC Holdings PLC (Banks)
  3.900% 05/25/2026  1,350,000    1,362,916
HUB International Ltd. (Insurance)
  (a) 7.000% 05/01/2026     50,000       50,578
HUB International Ltd. (Insurance)
  (a) 5.625% 12/01/2029    525,000      501,375
Hyundai Capital America (Consumer Finance)
  (a) 2.000% 06/15/2028  1,330,000    1,179,144
Jefferies Group LLC (Diversified Financial Svs.)
  2.750% 10/15/2032    605,000      541,399
John Deere Capital Corp. (Consumer Finance)
  3.450% 03/07/2029  1,100,000    1,130,378
JPMorgan Chase & Co. (Rate is fixed until 04/25/2022, at which point, the rate becomes QL + 94) (Banks)
  (b) 2.776% 04/25/2023  1,350,000    1,350,314
JPMorgan Chase & Co. (Banks)
  3.125% 01/23/2025    725,000      728,742
JPMorgan Chase & Co. (Rate is fixed until 04/22/2030, at which point, the rate becomes SOFR + 204) (Banks)
  (b) 2.522% 04/22/2031    900,000      834,317
JPMorgan Chase & Co. (Rate is fixed until 11/19/2030, at which point, the rate becomes TSFR3M + 111) (Banks)
  (b) 1.764% 11/19/2031    100,000       86,218
JPMorgan Chase & Co. (Rate is fixed until 02/04/2031, at which point, the rate becomes SOFR + 107) (Banks)
  (b) 1.953% 02/04/2032  1,710,000    1,497,964
JPMorgan Chase & Co. (Rate is fixed until 04/22/2031, at which point, the rate becomes SOFR + 125) (Banks)
  (b) 2.580% 04/22/2032    100,000       91,615
JPMorgan Chase & Co. (Rate is fixed until 01/25/2032, at which point, the rate becomes SOFR + 126) (Banks)
  (b) 2.963% 01/25/2033  2,000,000    1,885,507
Liberty Mutual Group, Inc. (Insurance)
  (a) 3.951% 10/15/2050    650,000      614,816
Lincoln National Corp. (Insurance)
  4.000% 09/01/2023    600,000      607,499
M&T Bank Corp. (Banks)
  3.550% 07/26/2023  1,075,000    1,087,045
MetLife, Inc. (Insurance)
  4.050% 03/01/2045    575,000      587,561
Morgan Stanley (Capital Markets)
  4.100% 05/22/2023    650,000      661,654
Morgan Stanley (Capital Markets)
  6.250% 08/09/2026    650,000      722,655
Morgan Stanley (Rate is fixed until 01/24/2028, at which point, the rate becomes QL + 114) (Capital Markets)
  (b) 3.772% 01/24/2029  2,050,000    2,065,997
80
(continued)
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Financials (continued)          
Morgan Stanley (Rate is fixed until 02/13/2031, at which point, the rate becomes SOFR + 103) (Capital Markets)
  (b) 1.794% 02/13/2032 $   825,000 $    709,439
Morgan Stanley (Rate is fixed until 04/28/2031, at which point, the rate becomes SOFR + 102) (Capital Markets)
  (b) 1.928% 04/28/2032    250,000      216,085
Morgan Stanley (Rate is fixed until 01/21/2032, at which point, the rate becomes SOFR + 129) (Capital Markets)
  (b) 2.943% 01/21/2033    495,000      464,180
Nationwide Mutual Insurance Co. (Insurance)
  (a) 4.950% 04/22/2044    460,000      481,845
Navient Corp. (Consumer Finance)
  4.875% 03/15/2028     75,000       68,974
Navient Corp. (Consumer Finance)
  5.500% 03/15/2029     75,000       69,844
NFP Corp. (Insurance)
  (a) 4.875% 08/15/2028     25,000       23,875
NFP Corp. (Insurance)
  (a) 6.875% 08/15/2028    250,000      238,750
Nissan Motor Acceptance Co. LLC (Consumer Finance)
  (a) 1.850% 09/16/2026  1,150,000    1,029,697
Outfront Media Capital LLC / Outfront Media Capital Corp. (Media)
  (a) 4.250% 01/15/2029     75,000       69,769
PNC Bank N.A. (Banks)
  3.875% 04/10/2025    725,000      738,973
Prudential Financial, Inc. (Insurance)
  3.700% 03/13/2051    875,000      854,770
Raymond James Financial, Inc. (Capital Markets)
  4.650% 04/01/2030    100,000      105,774
Regions Financial Corp. (Banks)
  2.250% 05/18/2025    495,000      481,719
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Thrifts & Mortgage Finance)
  (a) 2.875% 10/15/2026     50,000       45,907
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Thrifts & Mortgage Finance)
  (a) 3.625% 03/01/2029    125,000      114,231
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Thrifts & Mortgage Finance)
  (a) 4.000% 10/15/2033     75,000       65,693
Ryan Specialty Group LLC (Insurance)
  (a) 4.375% 02/01/2030     75,000       70,875
S&P Global, Inc. (Capital Markets)
  (a) 2.900% 03/01/2032    240,000      232,668
Stellantis Finance U.S., Inc. (Consumer Finance)
  (a) 1.711% 01/29/2027    720,000      656,242
Stellantis Finance U.S., Inc. (Consumer Finance)
  (a) 2.691% 09/15/2031    900,000      789,986
Stifel Financial Corp. (Capital Markets)
  4.000% 05/15/2030    200,000      201,979
Travelers Cos., Inc. / The (Insurance)
  2.550% 04/27/2050    875,000      708,000
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance)
  (a) 5.500% 11/15/2025    225,000      218,250
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance)
  (a) 5.750% 06/15/2027     25,000       23,199
USI, Inc. (Insurance)
  (a) 6.875% 05/01/2025    275,000      275,910
Volkswagen Group of America Finance LLC (Consumer Finance)
  (a) 4.250% 11/13/2023  1,350,000    1,375,144
Wells Fargo & Co. (Banks)
  3.750% 01/24/2024  1,025,000    1,043,721
Wells Fargo & Co. (Banks)
  3.000% 10/23/2026  1,600,000    1,577,743
Wells Fargo & Co. (Rate is fixed until 02/11/2030, at which point, the rate becomes SOFR + 126) (Banks)
  (b) 2.572% 02/11/2031  2,125,000   1,974,166
           60,906,371
Health Care–3.4%
 		         
Abbott Laboratories (Health Care Equip. & Supplies)
  3.750% 11/30/2026    650,000      674,559
AbbVie, Inc. (Biotechnology)
  3.200% 11/21/2029    625,000      617,568
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)
  (a) 5.500% 07/01/2028     75,000       75,375
AdaptHealth LLC (Health Care Providers & Svs.)
  (a) 4.625% 08/01/2029     25,000       22,813
AdaptHealth LLC (Health Care Providers & Svs.)
  (a) 5.125% 03/01/2030    150,000      139,312
AHP Health Partners, Inc. (Health Care Providers & Svs.)
  (a) 5.750% 07/15/2029     75,000       69,750
Alcon Finance Corp. (Health Care Equip. & Supplies)
  (a) 2.600% 05/27/2030    700,000      644,521
Amgen, Inc. (Biotechnology)
  3.375% 02/21/2050    675,000      609,026
Astrazeneca Finance LLC (Pharmaceuticals)
  2.250% 05/28/2031    325,000      302,621
AstraZeneca PLC (Pharmaceuticals)
  2.375% 06/12/2022    125,000      125,183
AstraZeneca PLC (Pharmaceuticals)
  3.125% 06/12/2027  1,260,000    1,268,035
Avantor Funding, Inc. (Health Care Equip. & Supplies)
  (a) 4.625% 07/15/2028    150,000      148,350
Avantor Funding, Inc. (Health Care Equip. & Supplies)
  (a) 3.875% 11/01/2029     50,000       47,000
Bausch Health Americas, Inc. (Pharmaceuticals)
  (a) 8.500% 01/31/2027    100,000       99,727
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 6.125% 04/15/2025     81,000       81,709
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 5.500% 11/01/2025     25,000       24,781
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 6.125% 02/01/2027     75,000       75,475
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 5.000% 02/15/2029    125,000       97,376
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 6.250% 02/15/2029     75,000       61,500
Bausch Health Cos., Inc. (Pharmaceuticals)
  (a) 5.250% 02/15/2031    125,000       97,295
Bayer U.S. Finance LLC (Pharmaceuticals)
  (a) 3.375% 10/08/2024  1,075,000    1,073,221
Becton Dickinson and Co. (Health Care Equip. & Supplies)
  4.685% 12/15/2044    600,000      644,291
Becton Dickinson and Co. (Health Care Equip. & Supplies)
  3.794% 05/20/2050    300,000      290,689
Biogen, Inc. (Biotechnology)
  3.150% 05/01/2050  1,025,000      839,365
Bristol-Myers Squibb Co. (Pharmaceuticals)
  0.750% 11/13/2025    345,000      319,496
Bristol-Myers Squibb Co. (Pharmaceuticals)
  3.900% 02/20/2028  1,100,000    1,145,756
Bristol-Myers Squibb Co. (Pharmaceuticals)
  4.250% 10/26/2049    300,000      327,147
Catalent Pharma Solutions, Inc. (Pharmaceuticals)
  (a) 3.500% 04/01/2030     50,000       45,625
Centene Corp. (Health Care Providers & Svs.)
  4.250% 12/15/2027    225,000      225,844
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)
  (a) 3.750% 03/15/2029    100,000       94,317
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)
  (a) 5.625% 03/15/2027     75,000       76,383
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)
  (a) 6.875% 04/15/2029     50,000       49,125
81
(continued)
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Health Care (continued)
 		         
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)
  (a) 6.125% 04/01/2030 $    50,000 $     46,523
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)
  (a) 5.250% 05/15/2030    150,000      143,968
CVS Health Corp. (Health Care Providers & Svs.)
  2.875% 06/01/2026    575,000      569,218
CVS Health Corp. (Health Care Providers & Svs.)
  4.250% 04/01/2050  1,225,000    1,270,880
Danaher Corp. (Life Sciences Tools & Svs.)
  2.600% 10/01/2050    870,000      718,233
DENTSPLY SIRONA, Inc. (Health Care Equip. & Supplies)
  3.250% 06/01/2030    710,000      684,134
Embecta Corp. (Health Care Equip. & Supplies)
  (a) 5.000% 02/15/2030     25,000       23,580
Embecta Corp. (Health Care Equip. & Supplies)
  (a) 6.750% 02/15/2030     50,000       50,125
Global Medical Response, Inc. (Health Care Providers & Svs.)
  (a) 6.500% 10/01/2025    150,000      148,875
HCA, Inc. (Health Care Providers & Svs.)
  5.375% 02/01/2025     50,000       52,025
HCA, Inc. (Health Care Providers & Svs.)
  5.375% 09/01/2026    150,000      157,500
HCA, Inc. (Health Care Providers & Svs.)
  3.500% 09/01/2030     25,000       24,152
HCA, Inc. (Health Care Providers & Svs.)
  3.500% 07/15/2051    650,000      563,604
HealthEquity, Inc. (Health Care Providers & Svs.)
  (a) 4.500% 10/01/2029    125,000      118,437
Legacy LifePoint Health LLC (Health Care Providers & Svs.)
  (a) 6.750% 04/15/2025     75,000       77,492
LifePoint Health, Inc. (Health Care Providers & Svs.)
  (a) 5.375% 01/15/2029     75,000       70,866
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Acquired 05/05/2020, Cost $12,500) (Pharmaceuticals)
(a)(c)(d) 5.625% 10/15/2023     50,000       24,500
MEDNAX, Inc. (Health Care Providers & Svs.)
  (a) 5.375% 02/15/2030     50,000       48,250
Mozart Debt Merger Sub, Inc. (Health Care Equip. & Supplies)
  (a) 3.875% 04/01/2029     50,000       46,250
Mozart Debt Merger Sub, Inc. (Health Care Equip. & Supplies)
  (a) 5.250% 10/01/2029    200,000      185,934
MPH Acquisition Holdings LLC (Health Care Providers & Svs.)
  (a) 5.500% 09/01/2028     25,000       23,965
MPH Acquisition Holdings LLC (Health Care Providers & Svs.)
  (a) 5.750% 11/01/2028    175,000      158,013
PerkinElmer, Inc. (Life Sciences Tools & Svs.)
  0.850% 09/15/2024    155,000      147,042
PerkinElmer, Inc. (Life Sciences Tools & Svs.)
  1.900% 09/15/2028    295,000      266,559
PerkinElmer, Inc. (Life Sciences Tools & Svs.)
  3.300% 09/15/2029    575,000      560,722
PerkinElmer, Inc. (Life Sciences Tools & Svs.)
  2.550% 03/15/2031    490,000      449,520
Prestige Brands, Inc. (Pharmaceuticals)
  (a) 5.125% 01/15/2028    125,000      124,062
Prestige Brands, Inc. (Pharmaceuticals)
  (a) 3.750% 04/01/2031     25,000       22,312
Regeneron Pharmaceuticals, Inc. (Biotechnology)
  2.800% 09/15/2050  1,102,000      880,539
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. (Health Care Providers & Svs.)
  (a) 9.750% 12/01/2026     25,000       26,151
Stryker Corp. (Health Care Equip. & Supplies)
  3.500% 03/15/2026    600,000      606,793
Syneos Health, Inc. (Life Sciences Tools & Svs.)
  (a) 3.625% 01/15/2029    125,000      115,469
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)
  2.050% 03/31/2030    550,000      496,450
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)
  3.025% 07/09/2040    600,000      534,964
Team Health Holdings, Inc. (Health Care Providers & Svs.)
  (a) 6.375% 02/01/2025    100,000       89,750
Tenet Healthcare Corp. (Health Care Providers & Svs.)
  4.625% 07/15/2024     21,000       21,090
Tenet Healthcare Corp. (Health Care Providers & Svs.)
  (a) 4.875% 01/01/2026    125,000      126,094
Tenet Healthcare Corp. (Health Care Providers & Svs.)
  (a) 6.125% 10/01/2028     75,000       76,219
Tenet Healthcare Corp. (Health Care Providers & Svs.)
  (a) 4.250% 06/01/2029     75,000       71,906
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)
  1.215% 10/18/2024    500,000      480,819
UnitedHealth Group, Inc. (Health Care Providers & Svs.)
  2.900% 05/15/2050    320,000      283,641
Vizient, Inc. (Health Care Providers & Svs.)
  (a) 6.250% 05/15/2027     50,000       51,500
Zoetis, Inc. (Pharmaceuticals)
  3.000% 05/15/2050    875,000     775,331
           21,826,692
Industrials–5.2%
 		         
Air Lease Corp. (Trading Companies & Distributors)
  2.200% 01/15/2027    405,000      374,816
Air Lease Corp. (Trading Companies & Distributors)
  2.875% 01/15/2032    400,000      358,135
Airbus SE (Aerospace & Defense)
  (a) 3.150% 04/10/2027  1,100,000    1,092,138
Allegion PLC (Building Products)
  3.500% 10/01/2029  1,150,000    1,113,024
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)
  (a) 6.625% 07/15/2026     25,000       25,296
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)
  (a) 9.750% 07/15/2027     50,000       51,681
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)
  (a) 6.000% 06/01/2029    400,000      352,866
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Airlines)
  (a) 5.750% 04/20/2029     75,000       74,719
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)
  (a) 4.000% 01/15/2028     50,000       48,035
Ashtead Capital, Inc. (Trading Companies & Distributors)
  (a) 2.450% 08/12/2031    455,000      400,380
BAE Systems PLC (Aerospace & Defense)
  (a) 3.000% 09/15/2050    700,000      594,816
BCPE Empire Holdings, Inc. (Commercial Svs. & Supplies)
  (a) 7.625% 05/01/2027    225,000      211,995
Boeing Co. / The (Aerospace & Defense)
  2.500% 03/01/2025    600,000      586,994
Boeing Co. / The (Aerospace & Defense)
  2.196% 02/04/2026  1,025,000      969,052
Boeing Co. / The (Aerospace & Defense)
  2.950% 02/01/2030    225,000      208,476
Boeing Co. / The (Aerospace & Defense)
  5.805% 05/01/2050    975,000    1,125,869
Burlington Northern Santa Fe LLC (Road & Rail)
  3.000% 04/01/2025    475,000      479,367
Canadian Pacific Railway Co. (Road & Rail)
  1.750% 12/02/2026     90,000       84,777
Canadian Pacific Railway Co. (Road & Rail)
  2.050% 03/05/2030    175,000      160,307
Canadian Pacific Railway Co. (Road & Rail)
  3.000% 12/02/2041     75,000       67,467
Carrier Global Corp. (Building Products)
  2.722% 02/15/2030     80,000       75,191
82
(continued)
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Industrials (continued)          
Carrier Global Corp. (Building Products)
  3.577% 04/05/2050 $   800,000 $    732,040
Clarivate Science Holdings Corp. (Professional Svs.)
  (a) 4.875% 07/01/2029    125,000      117,601
CNH Industrial N.V. (Machinery)
  3.850% 11/15/2027  1,100,000    1,104,073
Cornerstone Building Brands, Inc. (Building Products)
  (a) 6.125% 01/15/2029    125,000      116,006
CP Atlas Buyer, Inc. (Building Products)
  (a) 7.000% 12/01/2028    200,000      170,528
Dun & Bradstreet Corp. / The (Professional Svs.)
  (a) 5.000% 12/15/2029     50,000       47,000
Equifax, Inc. (Professional Svs.)
  2.600% 12/15/2025  1,025,000      995,394
ERAC U.S.A. Finance LLC (Road & Rail)
  (a) 3.850% 11/15/2024  1,350,000    1,372,682
Experian Finance PLC (Professional Svs.)
  (a) 4.250% 02/01/2029    650,000      678,997
FedEx Corp. (Air Freight & Logistics)
  4.250% 05/15/2030    300,000      314,704
FedEx Corp. (Air Freight & Logistics)
  4.050% 02/15/2048    600,000      592,667
Foundation Building Materials, Inc. (Trading Companies & Distributors)
  (a) 6.000% 03/01/2029    200,000      180,000
Garda World Security Corp. (Commercial Svs. & Supplies)
  (a) 4.625% 02/15/2027     50,000       47,923
Garda World Security Corp. (Commercial Svs. & Supplies)
  (a) 6.000% 06/01/2029    175,000      157,196
GE Capital International Funding Co. Unlimited Co. (Industrial Conglomerates)
  4.418% 11/15/2035    487,000      522,935
General Dynamics Corp. (Aerospace & Defense)
  1.150% 06/01/2026    670,000      623,254
GXO Logistics, Inc. (Air Freight & Logistics)
  (a) 1.650% 07/15/2026    685,000      618,418
GXO Logistics, Inc. (Air Freight & Logistics)
  (a) 2.650% 07/15/2031    670,000      580,957
GYP Holdings III Corp. (Building Products)
  (a) 4.625% 05/01/2029    100,000       92,601
H&E Equipment Services, Inc. (Trading Companies & Distributors)
  (a) 3.875% 12/15/2028     75,000       70,313
Honeywell International, Inc. (Industrial Conglomerates)
  1.350% 06/01/2025    390,000      375,662
Honeywell International, Inc. (Industrial Conglomerates)
  2.800% 06/01/2050    270,000      249,215
Huntington Ingalls Industries, Inc. (Aerospace & Defense)
  3.483% 12/01/2027  1,175,000    1,156,810
Interface, Inc. (Commercial Svs. & Supplies)
  (a) 5.500% 12/01/2028     25,000       24,281
Kansas City Southern (Road & Rail)
  3.500% 05/01/2050    675,000      630,405
Lennox International, Inc. (Building Products)
  3.000% 11/15/2023  1,125,000    1,126,254
Lockheed Martin Corp. (Aerospace & Defense)
  2.900% 03/01/2025    775,000      779,681
Madison IAQ LLC (Commercial Svs. & Supplies)
  (a) 4.125% 06/30/2028     25,000       23,041
Madison IAQ LLC (Commercial Svs. & Supplies)
  (a) 5.875% 06/30/2029    125,000      112,187
Masco Corp. (Building Products)
  3.500% 11/15/2027    650,000      648,970
MIWD Holdco II LLC / MIWD Finance Corp. (Building Products)
  (a) 5.500% 02/01/2030     25,000       23,344
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)
  (a) 4.500% 07/15/2029     50,000       49,875
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)
  (a) 5.875% 10/01/2030    150,000      150,375
Northrop Grumman Corp. (Aerospace & Defense)
  3.250% 01/15/2028  1,175,000    1,175,053
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail)
  (a) 3.450% 07/01/2024  1,000,000    1,002,084
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail)
  (a) 1.700% 06/15/2026    600,000      556,729
Redwood Star Merger Sub, Inc. (Machinery)
  (a) 8.750% 04/01/2030    150,000      143,625
Ritchie Bros Holdings, Inc. (Commercial Svs. & Supplies)
  (a) 4.750% 12/15/2031     25,000       24,375
Roper Technologies, Inc. (Industrial Conglomerates)
  1.000% 09/15/2025  1,025,000      950,986
Ryder System, Inc. (Road & Rail)
  3.400% 03/01/2023  1,050,000    1,059,059
Sensata Technologies, Inc. (Electrical Equip.)
  (a) 4.375% 02/15/2030     25,000       23,909
Solaris Midstream Holdings LLC (Commercial Svs. & Supplies)
  (a) 7.625% 04/01/2026    125,000      129,062
Southwest Airlines Co. (Airlines)
  5.250% 05/04/2025  1,075,000    1,128,901
Southwest Airlines Co. (Airlines)
  5.125% 06/15/2027    350,000      374,162
Textron, Inc. (Aerospace & Defense)
  3.650% 03/15/2027  1,000,000    1,001,855
TransDigm, Inc. (Aerospace & Defense)
  (a) 6.250% 03/15/2026    225,000      230,994
TransDigm, Inc. (Aerospace & Defense)
  5.500% 11/15/2027    275,000      272,937
Trident TPI Holdings, Inc. (Machinery)
  (a) 9.250% 08/01/2024    250,000      251,250
Union Pacific Corp. (Road & Rail)
  2.375% 05/20/2031    385,000      360,229
United Rentals North America, Inc. (Trading Companies & Distributors)
  4.875% 01/15/2028    100,000      101,580
United Rentals North America, Inc. (Trading Companies & Distributors)
  5.250% 01/15/2030     25,000       25,781
United Rentals North America, Inc. (Trading Companies & Distributors)
  3.875% 02/15/2031     25,000       23,563
Valmont Industries, Inc. (Construction & Engineering)
  5.000% 10/01/2044     40,000       42,439
Valmont Industries, Inc. (Construction & Engineering)
  5.250% 10/01/2054    265,000      288,320
Verisk Analytics, Inc. (Professional Svs.)
  4.125% 03/15/2029    600,000      618,672
Watco Cos. LLC / Watco Finance Corp. (Road & Rail)
  (a) 6.500% 06/15/2027    100,000       98,317
WESCO Distribution, Inc. (Trading Companies & Distributors)
  (a) 7.125% 06/15/2025     75,000       78,024
WESCO Distribution, Inc. (Trading Companies & Distributors)
  (a) 7.250% 06/15/2028    100,000      106,214
Westinghouse Air Brake Technologies Corp. (Machinery)
  3.200% 06/15/2025    300,000      292,871
White Cap Buyer LLC (Building Products)
  (a) 6.875% 10/15/2028     75,000       71,069
White Cap Parent LLC (Building Products)
 (a)(e) 8.250%, 9.000% PIK 03/15/2026    100,000       98,250
Xylem, Inc. (Machinery)
  2.250% 01/30/2031    655,000     594,962
           34,066,062
Information Technology–2.7%
 		         
Apple, Inc. (Tech. Hardware, Storage & Periph.)
  2.900% 09/12/2027    600,000      601,277
Apple, Inc. (Tech. Hardware, Storage & Periph.)
  2.375% 02/08/2041    375,000      326,658
Black Knight InfoServ LLC (IT Svs.)
  (a) 3.625% 09/01/2028     75,000       71,078
Broadcom, Inc. (Semiconductors & Equip.)
  4.150% 11/15/2030    285,000      288,844
83
(continued)
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Information Technology (continued)
 		         
Broadcom, Inc. (Semiconductors & Equip.)
  (a) 3.419% 04/15/2033 $ 1,060,000 $    989,321
Broadcom, Inc. (Semiconductors & Equip.)
  (a) 3.187% 11/15/2036     15,000       13,021
Broadcom, Inc. (Semiconductors & Equip.)
  (a) 3.750% 02/15/2051    325,000      291,018
CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.)
  2.670% 12/01/2026    655,000      617,354
Cisco Systems, Inc. (Communications Equip.)
  3.625% 03/04/2024    825,000      844,369
Condor Merger Sub, Inc. (Software)
  (a) 7.375% 02/15/2030    225,000      215,829
Dell International LLC / EMC Corp. (Computers & Peripherals)
  5.850% 07/15/2025  1,025,000    1,094,017
Diebold Nixdorf, Inc. (Tech. Hardware, Storage & Periph.)
  (a) 9.375% 07/15/2025     25,000       25,397
Elastic N.V. (Software)
  (a) 4.125% 07/15/2029    125,000      116,245
Fair Isaac Corp. (Software)
  (a) 4.000% 06/15/2028     50,000       48,406
Fidelity National Information Services, Inc. (IT Svs.)
  3.100% 03/01/2041    305,000      263,888
Fiserv, Inc. (IT Svs.)
  3.800% 10/01/2023    450,000      456,982
Fiserv, Inc. (IT Svs.)
  3.500% 07/01/2029    600,000      590,575
Fortinet, Inc. (Software)
  1.000% 03/15/2026    670,000      609,691
Gartner, Inc. (IT Svs.)
  (a) 4.500% 07/01/2028     25,000       24,906
Global Payments, Inc. (IT Svs.)
  1.200% 03/01/2026    660,000      608,039
Global Payments, Inc. (IT Svs.)
  2.150% 01/15/2027    600,000      563,145
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (IT Svs.)
  (a) 5.250% 12/01/2027    100,000      100,455
II-VI, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 5.000% 12/15/2029     50,000       48,875
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  3.000% 10/30/2029    750,000      715,028
Leidos, Inc. (IT Svs.)
  3.625% 05/15/2025    345,000      344,914
Leidos, Inc. (IT Svs.)
  4.375% 05/15/2030    800,000      808,924
LogMeIn, Inc. (Software)
  (a) 5.500% 09/01/2027    150,000      140,004
Micron Technology, Inc. (Semiconductors & Equip.)
  4.663% 02/15/2030    750,000      783,847
Micron Technology, Inc. (Semiconductors & Equip.)
  3.366% 11/01/2041    265,000      236,735
Microsoft Corp. (Software)
  2.375% 05/01/2023  1,200,000    1,204,584
Minerva Merger Sub, Inc. (Software)
  (a) 6.500% 02/15/2030    225,000      218,278
NCR Corp. (Tech. Hardware, Storage & Periph.)
  (a) 5.750% 09/01/2027     25,000       25,000
NCR Corp. (Tech. Hardware, Storage & Periph.)
  (a) 5.000% 10/01/2028     25,000       23,938
NCR Corp. (Tech. Hardware, Storage & Periph.)
  (a) 5.125% 04/15/2029     25,000       24,034
NCR Corp. (Tech. Hardware, Storage & Periph.)
  (a) 5.250% 10/01/2030     75,000       71,097
Open Text Corp. (Software)
  (a) 3.875% 02/15/2028     75,000       71,908
Open Text Corp. (Software)
  (a) 3.875% 12/01/2029     50,000       47,500
Oracle Corp. (Software)
  3.600% 04/01/2050  2,000,000    1,658,725
Rocket Software, Inc. (Software)
  (a) 6.500% 02/15/2029    225,000      204,187
Science Applications International Corp. (IT Svs.)
  (a) 4.875% 04/01/2028     75,000       73,901
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)
  3.125% 07/15/2029     75,000       67,313
Skyworks Solutions, Inc. (Semiconductors & Equip.)
  1.800% 06/01/2026     50,000       46,437
SS&C Technologies, Inc. (Software)
  (a) 5.500% 09/30/2027    125,000      125,939
Synaptics, Inc. (Semiconductors & Equip.)
  (a) 4.000% 06/15/2029     25,000       23,563
TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 4.000% 03/01/2029     75,000       69,375
VeriSign, Inc. (IT Svs.)
  2.700% 06/15/2031    660,000      597,300
Veritas U.S., Inc. / Veritas Bermuda Ltd. (Software)
  (a) 7.500% 09/01/2025    150,000      142,306
Viavi Solutions, Inc. (Communications Equip.)
  (a) 3.750% 10/01/2029     25,000       23,461
VMware, Inc. (Software)
  1.400% 08/15/2026    240,000      220,332
VMware, Inc. (Software)
  2.200% 08/15/2031    190,000      167,282
Vontier Corp. (Electronic Equip., Instr. & Comp.)
  1.800% 04/01/2026    665,000     601,300
           17,546,602
Materials–1.7%
 		         
Albemarle Corp. (Chemicals)
  4.150% 12/01/2024    375,000      383,578
Albemarle Corp. (Chemicals)
  5.450% 12/01/2044    375,000      416,489
Anglo American Capital PLC (Metals & Mining)
  (a) 2.875% 03/17/2031  1,175,000    1,082,882
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance PLC (Containers & Packaging)
  (a) 4.000% 09/01/2029    250,000      225,287
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)
  (a) 5.250% 08/15/2027    200,000      184,875
Ball Corp. (Containers & Packaging)
  3.125% 09/15/2031     75,000       67,028
Berry Global, Inc. (Containers & Packaging)
  (a) 5.625% 07/15/2027    100,000      101,134
Carpenter Technology Corp. (Metals & Mining)
  4.450% 03/01/2023    300,000      305,550
Clearwater Paper Corp. (Paper & Forest Products)
  (a) 4.750% 08/15/2028    175,000      162,531
Cleveland-Cliffs, Inc. (Metals & Mining)
  (a) 4.625% 03/01/2029     50,000       49,315
Cleveland-Cliffs, Inc. (Metals & Mining)
  (a) 4.875% 03/01/2031    100,000       98,875
Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)
  (a) 8.750% 04/15/2030    275,000      258,844
Coeur Mining, Inc. (Metals & Mining)
  (a) 5.125% 02/15/2029     75,000       65,115
Compass Minerals International, Inc. (Metals & Mining)
  (a) 4.875% 07/15/2024    100,000       98,875
Compass Minerals International, Inc. (Metals & Mining)
  (a) 6.750% 12/01/2027     50,000       50,630
Diamond B.C. B.V. (Chemicals)
  (a) 4.625% 10/01/2029    125,000      112,187
Flex Acquisition Co., Inc. (Containers & Packaging)
  (a) 6.875% 01/15/2025    250,000      250,655
Flex Acquisition Co., Inc. (Containers & Packaging)
  (a) 7.875% 07/15/2026    100,000      103,500
84
(continued)
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Materials (continued)          
Glencore Funding LLC (Metals & Mining)
  (a) 1.625% 04/27/2026 $   600,000 $    554,082
Glencore Funding LLC (Metals & Mining)
  (a) 3.375% 09/23/2051    300,000      252,245
Graphic Packaging International LLC (Containers & Packaging)
  (a) 3.500% 03/01/2029    100,000       92,000
H.B. Fuller Co. (Chemicals)
  4.250% 10/15/2028     25,000       23,405
Hexion, Inc. (Chemicals)
  (a) 7.875% 07/15/2027     75,000       79,102
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. (Chemicals)
  (a) 9.000% 07/01/2028     75,000       75,938
International Flavors & Fragrances, Inc. (Chemicals)
  (a) 1.832% 10/15/2027    900,000      818,079
Koppers, Inc. (Chemicals)
  (a) 6.000% 02/15/2025    125,000      122,500
Mauser Packaging Solutions Holding Co. (Containers & Packaging)
  (a) 5.500% 04/15/2024     25,000       24,901
OI European Group B.V. (Containers & Packaging)
  (a) 4.750% 02/15/2030     75,000       69,690
Olympus Water U.S. Holding Corp. (Chemicals)
  (a) 6.250% 10/01/2029    200,000      177,000
Owens-Brockway Glass Container, Inc. (Containers & Packaging)
  (a) 5.375% 01/15/2025     75,000       74,625
Owens-Brockway Glass Container, Inc. (Containers & Packaging)
  (a) 6.625% 05/13/2027     38,000       37,620
Packaging Corp. of America (Containers & Packaging)
  3.650% 09/15/2024  1,175,000    1,190,086
Polar U.S. Borrower LLC / Schenectady International Group, Inc. (Chemicals)
  (a) 6.750% 05/15/2026    125,000      106,562
Reliance Steel & Aluminum Co. (Metals & Mining)
  4.500% 04/15/2023  1,060,000    1,081,099
RPM International, Inc. (Chemicals)
  4.550% 03/01/2029    575,000      601,943
SPCM SA (Chemicals)
  (a) 3.375% 03/15/2030    200,000      175,580
SRS Distribution, Inc. (Construction Materials)
  (a) 6.125% 07/01/2029     25,000       23,063
SRS Distribution, Inc. (Construction Materials)
  (a) 6.000% 12/01/2029    100,000       92,500
Standard Industries, Inc. (Construction Materials)
  (a) 5.000% 02/15/2027    225,000      223,038
Standard Industries, Inc. (Construction Materials)
  (a) 3.375% 01/15/2031     25,000       21,875
Trivium Packaging Finance B.V. (Containers & Packaging)
  (a) 8.500% 08/15/2027    225,000      223,875
W.R. Grace Holdings LLC (Chemicals)
  (a) 4.875% 06/15/2027     25,000       24,461
W.R. Grace Holdings LLC (Chemicals)
  (a) 5.625% 08/15/2029     50,000       46,755
WRKCo, Inc. (Containers & Packaging)
  4.000% 03/15/2028    725,000     738,113
           10,967,487
Real Estate–1.9%
 		         
Alexandria Real Estate Equities, Inc. (Equity REIT)
  1.875% 02/01/2033  1,430,000    1,209,483
American Tower Corp. (Equity REIT)
  2.950% 01/15/2051    660,000      518,631
AvalonBay Communities, Inc. (Equity REIT)
  3.350% 05/15/2027  1,125,000    1,124,072
Boston Properties LP (Equity REIT)
  3.650% 02/01/2026  1,300,000    1,317,021
Camden Property Trust (Equity REIT)
  2.800% 05/15/2030    600,000      576,646
Crown Castle International Corp. (Equity REIT)
  3.250% 01/15/2051    750,000      628,151
Cushman & Wakefield U.S. Borrower LLC (Real Estate Mgmt. & Development)
  (a) 6.750% 05/15/2028     50,000       52,250
Healthcare Trust of America Holdings LP (Equity REIT)
  2.000% 03/15/2031    725,000      627,332
Kimco Realty Corp. (Equity REIT)
  2.700% 10/01/2030    750,000      702,613
Mid-America Apartments LP (Equity REIT)
  4.000% 11/15/2025  1,125,000    1,148,167
Physicians Realty LP (Equity REIT)
  2.625% 11/01/2031    365,000      329,297
Piedmont Operating Partnership LP (Equity REIT)
  2.750% 04/01/2032    300,000      267,314
Regency Centers LP (Equity REIT)
  2.950% 09/15/2029  1,100,000    1,047,933
UDR, Inc. (Equity REIT)
  3.500% 01/15/2028  1,125,000    1,121,977
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)
  (a) 4.250% 12/01/2026    125,000      124,475
W.P. Carey, Inc. (Equity REIT)
  3.850% 07/15/2029    750,000      758,558
W.P. Carey, Inc. (Equity REIT)
  2.400% 02/01/2031    120,000      108,143
Welltower, Inc. (Equity REIT)
  4.250% 04/01/2026    675,000     693,664
           12,355,727
Utilities–2.3%
 		         
Ameren Corp. (Multi-Utilities)
  1.750% 03/15/2028  1,500,000    1,371,353
American Electric Power Co., Inc. (Electric Utilities)
  2.031% 03/15/2024    335,000      329,198
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)
  5.500% 05/20/2025     75,000       75,006
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)
  5.750% 05/20/2027     25,000       24,906
Berkshire Hathaway Energy Co. (Multi-Utilities)
  4.050% 04/15/2025    250,000      257,700
Black Hills Corp. (Multi-Utilities)
  2.500% 06/15/2030    370,000      336,267
Calpine Corp. (Ind. Power & Renewable Elec.)
  (a) 5.000% 02/01/2031    100,000       91,000
Calpine Corp. (Ind. Power & Renewable Elec.)
  (a) 3.750% 03/01/2031     75,000       67,139
Dominion Energy, Inc. (Multi-Utilities)
  1.450% 04/15/2026    670,000      622,962
Duke Energy Corp. (Electric Utilities)
  3.750% 09/01/2046    650,000      613,539
Duke Energy Corp. (Electric Utilities)
  4.200% 06/15/2049    725,000      728,532
Emera U.S. Finance LP (Electric Utilities)
  3.550% 06/15/2026    600,000      599,382
Emera U.S. Finance LP (Electric Utilities)
  4.750% 06/15/2046    600,000      625,455
Enel Finance International N.V. (Electric Utilities)
  (a) 2.250% 07/12/2031    750,000      664,196
Eversource Energy (Electric Utilities)
  3.350% 03/15/2026    670,000      671,431
Exelon Corp. (Electric Utilities)
  4.050% 04/15/2030  1,175,000    1,212,876
Exelon Corp. (Electric Utilities)
  (a) 4.100% 03/15/2052     55,000       55,862
FirstEnergy Corp. (Electric Utilities)
  2.650% 03/01/2030    250,000      226,974
National Fuel Gas Co. (Gas Utilities)
  5.500% 01/15/2026    750,000      794,105
National Fuel Gas Co. (Gas Utilities)
  2.950% 03/01/2031    520,000      473,195
85
(continued)
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Corporate Bonds (Continued) Rate Maturity Face Amount Value
Utilities (continued)          
NextEra Energy Capital Holdings, Inc. (Electric Utilities)
  3.550% 05/01/2027 $   600,000 $    606,977
NextEra Energy Capital Holdings, Inc. (Electric Utilities)
  2.250% 06/01/2030    600,000      549,212
NRG Energy, Inc. (Electric Utilities)
  5.750% 01/15/2028    100,000      101,641
NRG Energy, Inc. (Electric Utilities)
  (a) 3.875% 02/15/2032    100,000       88,000
PPL Capital Funding, Inc. (Electric Utilities)
  3.100% 05/15/2026    200,000      197,280
Puget Energy, Inc. (Electric Utilities)
  2.379% 06/15/2028    685,000      626,269
Sempra Energy (Multi-Utilities)
  3.700% 04/01/2029    590,000      592,855
Southern Co. / The (Rate is fixed until 01/15/2026, at which point, the rate becomes H15T5Y + 373) (Electric Utilities)
  (b) 4.000% 01/15/2051  1,350,000    1,306,125
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)
  5.875% 03/01/2027     75,000       76,031
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)
  (a) 5.000% 01/31/2028    150,000      149,362
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)
  (a) 5.500% 09/01/2026    150,000      150,820
WEC Energy Group, Inc. (Multi-Utilities)
  0.800% 03/15/2024    220,000      211,114
WEC Energy Group, Inc. (Multi-Utilities)
  2.200% 12/15/2028    190,000     174,308
           14,671,072
Total Corporate Bonds (Cost $276,487,799)
        $254,899,017
    
U.S. Government Agency Mortgage-Backed Securities–25.0% Rate Maturity Face Amount Value
Fannie Mae Pool FN BM4333
  3.500% 12/01/2047 $ 1,226,736 $  1,243,735
Fannie Mae Pool FN BN6715
  4.000% 06/01/2049  3,248,530    3,345,911
Fannie Mae Pool FN BP2797
  2.500% 05/01/2050  1,633,401    1,563,395
Fannie Mae Pool FN BP6700
  2.500% 09/01/2050  4,481,571    4,295,352
Fannie Mae Pool FN BP8188
  2.000% 09/01/2050  6,457,797    6,016,818
Fannie Mae Pool FN BQ4558
  2.000% 03/01/2051  2,301,548    2,141,251
Fannie Mae Pool FN BR1844
  2.500% 01/01/2051  1,340,255    1,281,414
Fannie Mae Pool FN BR2231
  2.000% 08/01/2051  1,922,596    1,787,755
Fannie Mae Pool FN BR4390
  2.000% 03/01/2051  3,831,954    3,565,931
Fannie Mae Pool FN BR9750
  2.000% 04/01/2051  3,819,333    3,553,151
Fannie Mae Pool FN BT6901
  2.500% 09/01/2051  2,676,745    2,557,347
Fannie Mae Pool FN BT7183
  2.500% 08/01/2051  1,848,591    1,766,134
Fannie Mae Pool FN BU1408
  3.500% 01/01/2052  1,706,283    1,710,995
Fannie Mae Pool FN CA4574
  4.000% 08/01/2049  2,232,313    2,281,534
Fannie Mae Pool FN CA4819
  4.000% 12/01/2049  1,152,451    1,189,585
Fannie Mae Pool FN CA5348
  3.500% 03/01/2050  1,815,202    1,828,869
Fannie Mae Pool FN CA5706
  2.500% 05/01/2050  2,140,749    2,049,042
Fannie Mae Pool FN CA6998
  3.000% 09/01/2050  3,346,785    3,277,989
Fannie Mae Pool FN CA7231
  2.500% 10/01/2050    788,289      753,911
Fannie Mae Pool FN CA8118
  2.000% 12/01/2050  1,944,525    1,811,146
Fannie Mae Pool FN CA9290
  2.500% 02/01/2051  2,770,758    2,648,142
Fannie Mae Pool FN CA9293
  2.500% 02/01/2051  2,621,659    2,505,842
Fannie Mae Pool FN CB1131
  2.500% 07/01/2051  1,883,073    1,799,077
Fannie Mae Pool FN CB2760
  3.500% 02/01/2052  1,985,579    1,993,657
Fannie Mae Pool FN CB2909
  3.500% 02/01/2052  5,968,950    5,985,434
Fannie Mae Pool FN FM2778
  3.000% 03/01/2050  2,378,941    2,338,026
Fannie Mae Pool FN FM3734
  3.500% 09/01/2049  1,284,392    1,307,964
Fannie Mae Pool FN FM3919
  4.000% 05/01/2049    867,499      894,258
Fannie Mae Pool FN FM4122
  2.000% 08/01/2050  6,586,154    6,135,040
Fannie Mae Pool FN FM4317
  3.000% 09/01/2050  3,290,632    3,224,983
Fannie Mae Pool FN FM4532
  3.000% 09/01/2050  3,652,359    3,589,005
Fannie Mae Pool FN FM5815
  2.500% 12/01/2035  4,172,983    4,130,470
Fannie Mae Pool FN FM6708
  2.500% 01/01/2051  4,082,116    3,903,066
Fannie Mae Pool FN FM7293
  2.500% 05/01/2051  1,381,803    1,320,167
Fannie Mae Pool FN FM7502
  3.500% 06/01/2050  3,272,268    3,283,817
Fannie Mae Pool FN FM7510
  3.000% 06/01/2051  1,689,230    1,654,469
Fannie Mae Pool FN FM7554
  3.500% 04/01/2050  3,187,166    3,208,739
Fannie Mae Pool FN FM7706
  3.500% 08/01/2050  3,642,933    3,676,439
Fannie Mae Pool FN FM8421
  2.500% 08/01/2051  2,321,900    2,218,331
Fannie Mae Pool FN FS0344
  3.000% 12/01/2051  2,480,828    2,429,442
Fannie Mae Pool FN MA4119
  2.000% 09/01/2050    961,232      895,616
Fannie Mae Pool FN MA4138
  1.500% 09/01/2050  4,518,548    4,050,230
Fannie Mae Pool FN MA4255
  2.000% 02/01/2051  1,749,025    1,628,552
Fannie Mae Pool FN MA4415
  3.000% 09/01/2051  2,155,437    2,112,206
Fannie Mae Pool FN MA4593
  4.000% 03/01/2052    997,276    1,018,730
Freddie Mac Pool FR QC8475
  2.000% 10/01/2051  2,956,766    2,747,837
Freddie Mac Pool FR QC8887
  3.000% 10/01/2051  2,477,187    2,425,883
Freddie Mac Pool FR QD7126
  2.500% 02/01/2052  2,495,604    2,384,780
Freddie Mac Pool FR RA3357
  2.000% 08/01/2050  1,298,944    1,209,773
Freddie Mac Pool FR RA3575
  2.000% 09/01/2050  6,291,078    5,858,663
86
(continued)
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
U.S. Government Agency Mortgage-Backed Securities (Continued) Rate Maturity Face Amount Value
Freddie Mac Pool FR RA3611
  2.500% 09/01/2050 $ 4,461,381 $  4,265,541
Freddie Mac Pool FR RA5257
  2.000% 05/01/2051  3,873,657    3,602,790
Freddie Mac Pool FR RA5761
  2.000% 06/01/2051  2,458,126    2,285,962
Freddie Mac Pool FR SB8122
  1.500% 10/01/2036  1,904,637    1,808,494
Freddie Mac Pool FR SD0451
  3.000% 10/01/2050  1,844,131    1,810,617
Freddie Mac Pool FR SD0625
  2.500% 05/01/2051  2,291,740    2,189,812
Freddie Mac Pool FR SD7505
  4.500% 08/01/2049    901,589      951,430
Freddie Mac Pool FR SD7514
  3.500% 04/01/2050  1,618,513    1,632,999
Freddie Mac Pool FR SD8104
  1.500% 11/01/2050  2,206,979    1,972,558
Freddie Mac Pool FR SD8121
  2.000% 01/01/2051  1,729,079    1,610,358
Freddie Mac Pool FR SD8135
  2.500% 03/01/2051    588,280      562,648
Freddie Mac Pool FR SD8148
  3.000% 05/01/2051  3,454,326    3,382,873
Freddie Mac Pool FR SD8202
  3.500% 03/01/2052  1,744,308    1,750,151
Freddie Mac Pool FR SD8210
  4.000% 03/01/2052    994,390    1,017,922
Freddie Mac Pool FR ZT1257
  3.000% 01/01/2046    829,103      827,981
Ginnie Mae II Pool G2 MA6866
  3.000% 09/20/2050  1,632,947   1,620,656
Total U.S. Government Agency Mortgage-Backed Securities (Cost $172,271,406)
        $161,892,695
    
U.S. Treasury Obligations–19.9% Rate Maturity Face Amount Value
U.S. Treasury Note
  0.250% 04/15/2023 $ 3,500,000 $  3,446,270
U.S. Treasury Note
  0.125% 04/30/2023  3,000,000    2,947,031
U.S. Treasury Note
  0.125% 06/30/2023 27,500,000   26,880,176
U.S. Treasury Note
  0.750% 12/31/2023  7,250,000    7,061,953
U.S. Treasury Note
  0.250% 05/15/2024  7,500,000    7,168,652
U.S. Treasury Note
  0.375% 09/15/2024  6,000,000    5,700,234
U.S. Treasury Note
  0.375% 12/31/2025  3,000,000    2,770,195
U.S. Treasury Note
  0.875% 06/30/2026 18,000,000   16,811,719
U.S. Treasury Note
  0.625% 07/31/2026  2,400,000    2,214,563
U.S. Treasury Note
  1.500% 01/31/2027  3,500,000    3,344,688
U.S. Treasury Note
  (f) 0.500% 04/30/2027  3,200,000    2,902,500
U.S. Treasury Note
  1.250% 03/31/2028    575,000      536,322
U.S. Treasury Note
  1.500% 11/30/2028  4,200,000    3,956,203
U.S. Treasury Note
  1.375% 12/31/2028  3,650,000    3,411,182
U.S. Treasury Note
  1.125% 02/15/2031    405,000      365,687
U.S. Treasury Note
  1.375% 11/15/2040    525,000      429,208
U.S. Treasury Note
  1.875% 02/15/2041    180,000      160,277
U.S. Treasury Note
  2.375% 02/15/2042 10,050,000    9,693,539
U.S. Treasury Note
  2.000% 02/15/2050  3,750,000    3,377,783
U.S. Treasury Note
  1.875% 02/15/2051  3,940,000    3,442,729
U.S. Treasury Note
  2.250% 02/15/2052 23,400,000  22,442,062
Total U.S. Treasury Obligations (Cost $135,550,738)
        $129,062,973
    
Investment Companies–8.9% Shares Value
Federated Hermes Core Trust - Bank Loan Core Fund (Acquired 05/01/2020 through 06/28/2021, Cost $17,850,000)
 (g)(h) 1,874,699 $ 17,753,402
Federated Hermes Core Trust - Emerging Markets Core Fund (Acquired 05/01/2020 through 06/28/2021, Cost $25,316,717)
 (g)(h) 2,034,350   18,390,527
Federated Hermes Core Trust III - Federated Project and Trade Finance Core Fund (Acquired 05/01/2020 through 06/28/2021, Cost $21,725,000)
 (h)(i) 2,465,645  21,352,485
Total Investment Companies (Cost $60,357,138)
     $57,496,414
    
Asset-Backed / Mortgage-Backed Securities–3.4% Rate Maturity Face Amount Value
Financials–3.4%
 		         
AmeriCredit Automobile Receivables Trust 2020-2 D
  2.130% 03/18/2026 $   180,000 $    175,916
AmeriCredit Automobile Receivables Trust 2020-3 D
  1.490% 09/18/2026    175,000      167,281
BANK 2022-BNK40 A4
  3.507% 03/15/2064    660,000      664,566
Benchmark 2020-B19 A5
  1.850% 09/15/2053  1,150,000    1,026,774
Benchmark 2021-B26 A2
  1.957% 06/15/2054    520,000      493,836
Carmax Auto Owner Trust 2021-1 D
  1.280% 07/15/2027    100,000       93,318
Chesapeake Funding II LLC 2020-1A D
  (a) 2.830% 08/15/2032    150,000      146,031
Ford Credit Auto Lease Trust 2020-B C
  1.700% 02/15/2025    335,000      334,013
Ford Credit Floorplan Master Owner Trust A 2020-1 D
  2.120% 09/15/2025    395,000      388,493
Freddie Mac Multifamily Structured Pass Through Certificates K108 A2
  1.517% 03/25/2030    400,000      363,353
Freddie Mac Multifamily Structured Pass Through Certificates K109 A2
  1.558% 04/25/2030    400,000      363,981
GM Financial Consumer Automobile Receivables Trust 2020-3 D
  1.910% 09/16/2027    400,000      391,656
GS Mortgage-Backed Securities Trust 2022-PJ3 A4
  (a) 2.500% 08/25/2052  2,000,000    1,844,453
Home Partners of America 2022-1 B
  (a) 4.330% 04/17/2039    760,000      752,463
HPEFS Equipment Trust 2020-2A D
  (a) 2.790% 07/22/2030    750,000      749,571
Invitation Homes 2018-SFR4 B
  (a) ML + 125 01/17/2038  2,999,862    2,998,273
J.P. Morgan Mortgage Trust 2022-1 A2
  (a) 3.000% 07/25/2052  1,474,597    1,403,175
JP Morgan Mortgage Trust 2022-2 A3
  (a) 2.500% 08/25/2052  1,971,088    1,806,681
87
(continued)
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Asset-Backed / Mortgage-Backed Securities (Continued) Rate Maturity Face Amount Value
Financials (continued)          
JP Morgan Mortgage Trust 2022-3 A3
  (a) 2.500% 08/25/2052 $ 1,999,500 $  1,847,116
MMAF Equipment Finance LLC 2020-A A5
  (a) 1.560% 10/09/2042    750,000      693,546
Navient Private Education Refi Loan Trust 2020-FA A
  (a) 1.220% 07/15/2069    203,159      198,289
Navistar Financial Dealer Note Master Trust 2020-1 D
  (a) ML + 290 07/25/2025    275,000      275,444
PFS Financing Corp. 2020-G B
  (a) 1.570% 02/15/2026    310,000      298,982
Progress Residential 2022-SFR1 E1
  (a) 3.930% 02/17/2041    900,000      831,157
Progress Residential 2022-SFR2 D
  3.945% 04/17/2027  1,000,000      967,258
Santander Consumer Auto Receivables Trust 2020-BA D
  (a) 2.140% 12/15/2026    530,000      517,759
Santander Drive Auto Receivables Trust 2020-3 D
  1.640% 11/16/2026    750,000      732,463
Sierra Timeshare 2020-2A A
  (a) 1.330% 07/20/2037    314,041      300,903
SMB Private Education Loan Trust 2020-B A1A
  (a) 1.290% 07/15/2053    505,991      481,401
Tesla Auto Lease Trust 2020-A C
  (a) 1.680% 02/20/2024    330,000      327,559
Tesla Auto Lease Trust 2020-A D
  (a) 2.330% 02/20/2024    100,000       99,395
World Omni Select Auto Trust 2020-A D
  1.700% 10/15/2026    250,000     243,022
Total Asset-Backed / Mortgage-Backed Securities (Cost $22,709,287)
         $21,978,128
    
Sovereign Issues–0.4% Rate Maturity Face Amount Value
Mexico Government International Bond
  3.750% 01/11/2028 $ 1,025,000 $  1,042,415
Mexico Government International Bond
  4.500% 01/31/2050  1,175,000    1,104,653
Republic of Poland Government International Bond
  4.000% 01/22/2024    600,000     615,319
Total Sovereign Issues (Cost $2,961,995)
          $2,762,387
    
U.S. Government Agency Issues–0.2% Rate Maturity Face Amount Value
Federal Farm Credit Banks Funding Corp.
  0.700% 01/27/2027 $ 1,000,000 $    910,816
Total U.S. Government Agency Issues (Cost $1,000,000)
            $910,816
    
Money Market Funds–2.3% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (j) 15,094,537 $ 15,093,027
Total Money Market Funds (Cost $15,090,372)
     $15,093,027
Total Investments – 99.4% (Cost $686,428,735)
  (k)   $644,095,457
Other Assets in Excess of Liabilities – 0.6%
    3,875,555
Net Assets – 100.0%     $647,971,012
    
Percentages are stated as a percent of net assets.
    
Abbreviations:  
H15T5Y: U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 2.420% at 03/31/2022
ML: Monthly U.S. LIBOR Rate, 0.452% at 03/31/2022
PIK: Payment-in-Kind
QL: Quarterly U.S. LIBOR Rate, 0.962% at 03/31/2022
SOFR: Secured Overnight Financing Rate, 0.290% at 03/31/2022
TSFR3M: Quarterly CME Term SOFR, 0.675% at 03/31/2022
    
88
Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Footnotes:  
(a) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At March 31, 2022, the value of these securities totaled $73,155,105, or 11.3% of the Portfolio’s net assets.
(b) Security is a fixed-then-variable rate instrument in which the coupon or dividend rate is fixed until a later specified date, then is adjusted periodically. Rates stated, including interest rate caps and floors, if any, are those in effect at March 31, 2022.
(c) Represents a security that is in default and deemed to be non-income producing.
(d) Non-income producing security.
(e) Issuer of the security has the option to make coupon payments in cash or in additional par value of this bond (Payment-in-Kind).
(f) Security is partially pledged as collateral for the futures contracts outstanding at March 31, 2022. The market value of securities pledged totaled $839,911. See also the following Schedule of Open Futures Contracts.
(g) Shares of this fund have not been registered and are issued in reliance on Section 4(a)(2) and Regulation D of the Securities Act of 1933. Investments in this fund may only be made by investment companies, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that are “accredited investors” within the meaning of Regulation D of the 1933 Act.
(h) Represents a security deemed to be restricted. At March 31, 2022, the value of restricted securities in the Portfolio totaled $57,496,414, or 8.9% of the Portfolio’s net assets.
(i) Open-end extended payment fund. Beneficial interests in this fund are issued solely in private placement transactions which do not involve any “public offering” within the meaning of Section 4(a)(2) and Regulation D of the Securities Act of 1933. Investments in this fund may only be made by organizations or entities that are “accredited investors” within the meaning of Regulation D of the 1933 Act and that are also “qualified purchasers” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended (“Eligible Investors”). This fund has adopted policies to limit the transfer of its shares, which may occur only pursuant to authorization by this fund's Board of Directors, and only to Eligible Investors.When a redeeming shareholder of this fund presents shares to the fund's transfer agent in proper order for redemption, the fund will have up to 31 days to make payment to the redeeming shareholder. The price of redeemed shares will be determined as of the closing net asset value of the fund 24 days after receipt of a shareholder redemption request or, if such date is a weekend or holiday, on the preceding business day. The fund's NAV is calculated each day the NYSE is open.
(j) Rate represents the seven-day yield at March 31, 2022.
(k) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
 Schedule of Open Futures Contracts March 31, 2022 (Unaudited) 
  Long Futures Contracts
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
CBT 10-Year U.S. Ultra Bond - Long   90   June 21, 2022   $12,597,399   $12,192,188   $(405,211)   $36,563
CBT 2-Year U.S. Treasury Note - Long   200   June 30, 2022   42,952,002   42,384,375   (567,627)   32,813
CBT 5-Year U.S. Treasury Note - Long   50   June 30, 2022   5,704,795   5,734,375   29,580   7,031
            $61,254,196   $60,310,938   $(943,258)   $76,407
  Short Futures Contracts
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
CBT U.S. Ultra Bond - Short   135   June 21, 2022   $(24,519,204)   (23,911,875)   $607,329   $(143,438)
CBT U.S. Long Bond - Short   18   June 21, 2022   (2,783,068)   (2,701,125)   81,943   (11,250)
            $(27,302,272)   $(26,613,000)   $689,272   $(154,688)
Total Futures Contracts           $33,951,924   $33,697,938   $(253,986)   $(78,281)
The accompanying notes are an integral part of these financial statements.
89
Ohio National Fund, Inc. ON Janus Henderson U.S. Low Volatility Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–99.2% Shares Value
Communication Services–5.6%
 		     
Alphabet, Inc. Class A (Interactive Media & Svs.)
  (a) 2,835 $  7,885,127
Alphabet, Inc. Class C (Interactive Media & Svs.)
  (a) 2,422    6,764,622
Meta Platforms, Inc. Class A (Interactive Media & Svs.)
  (a) 2,451      545,004
T-Mobile U.S., Inc. (Wireless Telecom. Svs.)
  (a) 191,219   24,542,959
Verizon Communications, Inc. (Diversified Telecom. Svs.)
  217,847  11,097,126
       50,834,838
Consumer Discretionary–10.0%
 		     
Amazon.com, Inc. (Internet & Direct Marketing Retail)
  (a) 6,233   20,319,268
Dollar General Corp. (Multiline Retail)
  43,899    9,773,234
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)
  34,273   13,949,454
Garmin Ltd. (Household Durables)
  102,278   12,131,194
McDonald's Corp. (Hotels, Restaurants & Leisure)
  55,980   13,842,734
Target Corp. (Multiline Retail)
  78,964   16,757,740
Tesla, Inc. (Automobiles)
  (a) 3,671   3,955,870
       90,729,494
Consumer Staples–22.9%
 		     
Archer-Daniels-Midland Co. (Food Products)
  13,607    1,228,168
Campbell Soup Co. (Food Products)
  111,191    4,955,783
Church & Dwight Co., Inc. (Household Products)
  38,546    3,830,701
Colgate-Palmolive Co. (Household Products)
  270,645   20,523,010
Conagra Brands, Inc. (Food Products)
  27,038      907,666
Costco Wholesale Corp. (Food & Staples Retailing)
  50,407   29,026,871
Estee Lauder Cos., Inc. / The Class A (Personal Products)
  37,193   10,128,398
Hershey Co. / The (Food Products)
  99,115   21,471,282
Hormel Foods Corp. (Food Products)
  168,920    8,706,137
J.M. Smucker Co. / The (Food Products)
  27,639    3,742,597
Kellogg Co. (Food Products)
  104,834    6,760,745
Kroger Co. / The (Food & Staples Retailing)
  246,866   14,162,702
Mondelez International, Inc. Class A (Food Products)
  380,201   23,869,019
Procter & Gamble Co. / The (Household Products)
  198,117   30,272,277
Walmart, Inc. (Food & Staples Retailing)
  192,979  28,738,433
      208,323,789
Financials–6.5%
 		     
Aon PLC Class A (Insurance)
  19,394    6,315,268
Arthur J. Gallagher & Co. (Insurance)
  16,936    2,957,025
Assurant, Inc. (Insurance)
  48,183    8,761,115
Marsh & McLennan Cos., Inc. (Insurance)
  102,997   17,552,749
Progressive Corp. / The (Insurance)
  115,910   13,212,581
Willis Towers Watson PLC (Insurance)
  42,876  10,128,169
       58,926,907
Health Care–24.5%
 		     
AbbVie, Inc. (Biotechnology)
  42,141    6,831,478
Amgen, Inc. (Biotechnology)
  32,095    7,761,213
Biogen, Inc. (Biotechnology)
  (a) 78,588   16,550,633
Bristol-Myers Squibb Co. (Pharmaceuticals)
  65,382    4,774,847
Cerner Corp. (Health Care Technology)
  268,865   25,155,009
CVS Health Corp. (Health Care Providers & Svs.)
  7,006      709,077
Danaher Corp. (Life Sciences Tools & Svs.)
  70,342   20,633,419
Eli Lilly & Co. (Pharmaceuticals)
  62,564   17,916,453
Gilead Sciences, Inc. (Biotechnology)
  366,311   21,777,189
Johnson & Johnson (Pharmaceuticals)
  175,143   31,040,594
ResMed, Inc. (Health Care Equip. & Supplies)
  79,281   19,226,435
STERIS PLC (Health Care Equip. & Supplies)
  81,391   19,677,902
Common Stocks (Continued) Shares Value
Health Care (continued)
 		     
UnitedHealth Group, Inc. (Health Care Providers & Svs.)
  29,398 $ 14,992,098
Waters Corp. (Life Sciences Tools & Svs.)
  (a) 28,482    8,840,528
West Pharmaceutical Services, Inc. (Health Care Equip. & Supplies)
  16,407   6,738,519
      222,625,394
Industrials–3.9%
 		     
3M Co. (Industrial Conglomerates)
  5,654      841,768
Copart, Inc. (Commercial Svs. & Supplies)
  (a) 7,456      935,504
Jacobs Engineering Group, Inc. (Construction & Engineering)
  6,541      901,415
Leidos Holdings, Inc. (Professional Svs.)
  51,084    5,518,094
Otis Worldwide Corp. (Machinery)
  12,946      996,195
Republic Services, Inc. (Commercial Svs. & Supplies)
  158,528   21,004,960
Trane Technologies PLC (Building Products)
  8,905    1,359,794
United Parcel Service, Inc. Class B (Air Freight & Logistics)
  5,659    1,213,629
Waste Management, Inc. (Commercial Svs. & Supplies)
  15,277   2,421,404
       35,192,763
Information Technology–19.5%
 		     
Accenture PLC Class A (IT Svs.)
  3,160    1,065,647
Akamai Technologies, Inc. (IT Svs.)
  (a) 71,944    8,589,394
Apple, Inc. (Tech. Hardware, Storage & Periph.)
  293,305   51,213,986
Cisco Systems, Inc. (Communications Equip.)
  23,820    1,328,203
Citrix Systems, Inc. (Software)
  99,408   10,030,267
Cognizant Technology Solutions Corp. Class A (IT Svs.)
  9,225      827,206
Gartner, Inc. (IT Svs.)
  (a) 6,618    1,968,590
International Business Machines Corp. (IT Svs.)
  80,022   10,404,461
Microsoft Corp. (Software)
  140,835   43,420,839
Motorola Solutions, Inc. (Communications Equip.)
  45,577   11,038,750
NortonLifeLock, Inc. (Software)
  513,591   13,620,433
NVIDIA Corp. (Semiconductors & Equip.)
  3,685    1,005,489
Oracle Corp. (Software)
  277,926  22,992,818
      177,506,083
Materials–0.2%
 		     
Avery Dennison Corp. (Containers & Packaging)
  5,498      956,487
Sealed Air Corp. (Containers & Packaging)
  15,241   1,020,537
        1,977,024
Utilities–6.1%
 		     
Consolidated Edison, Inc. (Multi-Utilities)
  171,962   16,281,362
Dominion Energy, Inc. (Multi-Utilities)
  52,334    4,446,820
Duke Energy Corp. (Electric Utilities)
  91,405   10,206,282
Eversource Energy (Electric Utilities)
  93,948    8,285,274
FirstEnergy Corp. (Electric Utilities)
  257,789   11,822,204
Xcel Energy, Inc. (Electric Utilities)
  54,350   3,922,440
       54,964,382
Total Common Stocks (Cost $850,035,625)
    $901,080,674
    
Money Market Funds–0.7% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (b) 6,057,443 $  6,056,837
Total Money Market Funds (Cost $6,056,565)
      $6,056,837
Total Investments – 99.9% (Cost $856,092,190)
  (c)   $907,137,511
Other Assets in Excess of Liabilities – 0.1%
    764,253
Net Assets – 100.0%     $907,901,764
    
 
90
(continued)
Ohio National Fund, Inc. ON Janus Henderson U.S. Low Volatility Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2022.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
91
Ohio National Fund, Inc. ON iShares Managed Risk Balanced Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Exchange Traded Funds–93.1% Shares Value
iShares Core MSCI EAFE ETF
  278,219 $ 19,339,003
iShares Core S&P 500 ETF
  124,667   56,560,171
iShares Core U.S. Aggregate Bond ETF
  1,791,909 191,913,454
iShares MSCI Australia ETF
  112,719    2,979,163
iShares MSCI Canada ETF
  188,489    7,579,143
iShares MSCI China ETF
  43,995    2,326,896
iShares MSCI France ETF
  98,215    3,469,936
iShares MSCI Germany ETF
  156,382    4,439,685
iShares MSCI Hong Kong ETF
  13,484      304,334
iShares MSCI India ETF
  19,367      863,187
iShares MSCI Japan ETF
  104,948    6,465,846
iShares MSCI Malaysia ETF
  26,951      690,215
iShares MSCI Poland ETF
  83,426    1,585,928
iShares MSCI Singapore ETF
  160,136    3,337,234
iShares MSCI South Africa ETF
  15,699      871,765
iShares MSCI Sweden ETF
  105,989    4,117,673
iShares MSCI Taiwan ETF
  35,686    2,192,905
iShares MSCI United Kingdom ETF
  46,984    1,580,542
iShares Russell 1000 ETF
  175,563  43,903,039
Total Exchange Traded Funds (Cost $368,334,185)
    $354,520,119
    
Money Market Funds–5.5% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (a) 20,988,363 $ 20,986,264
Total Money Market Funds (Cost $20,988,992)
     $20,986,264
Total Investments – 98.6% (Cost $389,323,177)
  (b)   $375,506,383
Other Assets in Excess of Liabilities – 1.4%
  (c)   5,237,039
Net Assets – 100.0%     $380,743,422
    
Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Rate represents the seven-day yield at March 31, 2022.
(b) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(c) Includes $3,863,066 of cash pledged as collateral for the futures contracts outstanding at March 31, 2022. See also the following Schedule of Open Futures Contracts.
The accompanying notes are an integral part of these financial statements.
92
Ohio National Fund, Inc. ON iShares Managed Risk Balanced Portfolio (Continued)
 Schedule of Open Futures Contracts March 31, 2022 (Unaudited) 
  Long Futures Contracts
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
MRV IBEX 35 Index - Long   21   April 14, 2022   $1,910,428   $1,955,118   $44,690   $(15,329)
OSE TOPIX Index - Long   73   June 9, 2022   10,609,115   11,671,965   1,062,850   (128,091)
EUR Currency Future - Long   1   June 13, 2022   138,401   138,738   337   (1,168)
MOD S&P TSX 60 Index - Long   16   June 16, 2022   3,318,785   3,371,371   52,586   (31,403)
MSCI EAFE Index - Long   50   June 17, 2022   5,342,925   5,361,000   18,075   (134,842)
CME E-mini S&P 500 Index - Long   58   June 17, 2022   12,689,491   13,139,175   449,684   (380,544)
IFLL FTSE 100 Index - Long   44   June 17, 2022   4,120,173   4,326,952   206,779   (17,586)
DMI FTSE MIB Index - Long   13   June 17, 2022   1,650,715   1,754,944   104,229   (21,798)
MSCI Emerging Markets Index - Long   183   June 17, 2022   9,763,567   10,298,325   534,758   (156,465)
            $49,543,600   $52,017,588   $2,473,988   $(887,226)
  Short Futures Contracts
Description   Number of
contracts 		  Expiration Date   Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation) 		  Variation Margin
Receivable
(Payable)
JPY Currency Future - Short   13   June 13, 2022   $(1,419,388)   $(1,338,594)   $80,794   $(1,463)
EUR Currency Future - Short   3   June 13, 2022   (411,349)   (416,213)   (4,864)   3,506
CME E-mini S&P 500 Index - Short   18   June 17, 2022   (3,823,382)   (4,077,675)   (254,293)   58,725
CBT U.S. Ultra Bond - Short   37   June 21, 2022   (6,820,382)   (6,553,625)   266,757   (39,314)
CBT 5-Year U.S. Treasury Note - Short   262   June 30, 2022   (31,019,162)   (30,048,125)   971,037   (36,844)
            $(43,493,663)   $(42,434,232)   $1,059,431   $(15,390)
Total Futures Contracts           $6,049,937   $9,583,356   $3,533,419   $(902,616)
The accompanying notes are an integral part of these financial statements.
93
Ohio National Fund, Inc. ON AB Relative Value Portfolio
Schedule of Investments March 31, 2022 (Unaudited) 
Common Stocks–100.6% Shares Value
Communication Services–6.2%
 		     
Comcast Corp. Class A (Media)
  41,518 $ 1,943,873
Verizon Communications, Inc. (Diversified Telecom. Svs.)
  46,873  2,387,710
       4,331,583
Consumer Discretionary–12.2%
 		     
AutoZone, Inc. (Specialty Retail)
  (a) 465     950,730
BorgWarner, Inc. (Auto Components)
  14,909     579,960
D.R. Horton, Inc. (Household Durables)
  17,946   1,337,156
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods)
  (a) 1,008     275,960
LKQ Corp. (Distributors)
  33,043   1,500,483
Lowe's Cos., Inc. (Specialty Retail)
  4,804     971,321
Murphy U.S.A., Inc. (Specialty Retail)
  2,328     465,507
Target Corp. (Multiline Retail)
  8,693   1,844,828
Ulta Beauty, Inc. (Specialty Retail)
  (a) 1,719    684,540
       8,610,485
Consumer Staples–5.8%
 		     
Philip Morris International, Inc. (Tobacco)
  26,518   2,491,101
Walmart, Inc. (Food & Staples Retailing)
  10,738  1,599,103
       4,090,204
Energy–5.2%
 		     
Chevron Corp. (Oil, Gas & Consumable Fuels)
  3,794     617,777
ConocoPhillips (Oil, Gas & Consumable Fuels)
  6,760     676,000
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)
  9,187   1,095,366
Helmerich & Payne, Inc. (Energy Equip. & Svs.)
  14,312     612,267
Phillips 66 (Oil, Gas & Consumable Fuels)
  7,848    677,989
       3,679,399
Financials–16.9%
 		     
Aflac, Inc. (Insurance)
  10,077     648,858
Allstate Corp. / The (Insurance)
  4,320     598,363
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.)
  (a) 7,741   2,731,876
Capital One Financial Corp. (Consumer Finance)
  4,772     626,516
Goldman Sachs Group, Inc. / The (Capital Markets)
  5,176   1,708,598
JPMorgan Chase & Co. (Banks)
  10,778   1,469,257
Northern Trust Corp. (Capital Markets)
  8,890   1,035,240
Wells Fargo & Co. (Banks)
  64,595  3,130,274
      11,948,982
Health Care–17.5%
 		     
Amgen, Inc. (Biotechnology)
  7,819   1,890,791
Anthem, Inc. (Health Care Providers & Svs.)
  5,888   2,892,303
Bio-Rad Laboratories, Inc. Class A (Life Sciences Tools & Svs.)
  (a) 1,753     987,342
Cigna Corp. (Health Care Providers & Svs.)
  5,656   1,355,234
PerkinElmer, Inc. (Life Sciences Tools & Svs.)
  6,910   1,205,519
Pfizer, Inc. (Pharmaceuticals)
  19,742   1,022,043
Quest Diagnostics, Inc. (Health Care Providers & Svs.)
  2,907     397,852
Regeneron Pharmaceuticals, Inc. (Biotechnology)
  (a) 828     578,292
Roche Holding AG – ADR (Pharmaceuticals)
  40,180  1,985,294
      12,314,670
Industrials–18.4%
 		     
Acuity Brands, Inc. (Electrical Equip.)
  2,417     457,538
Common Stocks (Continued) Shares Value
Industrials (continued)      
Altra Industrial Motion Corp. (Machinery)
  5,437 $   211,662
Curtiss-Wright Corp. (Aerospace & Defense)
  4,784     718,365
EMCOR Group, Inc. (Construction & Engineering)
  5,875     661,701
Emerson Electric Co. (Electrical Equip.)
  15,296   1,499,773
Expeditors International of Washington, Inc. (Air Freight & Logistics)
  6,710     692,204
Hexcel Corp. (Aerospace & Defense)
  4,615     274,454
Knight-Swift Transportation Holdings, Inc. (Road & Rail)
  25,380   1,280,675
Middleby Corp. / The (Machinery)
  (a) 1,573     257,878
MSC Industrial Direct Co., Inc. Class A (Trading Companies & Distributors)
  9,901     843,664
Raytheon Technologies Corp. (Aerospace & Defense)
  20,018   1,983,183
Robert Half International, Inc. (Professional Svs.)
  9,726   1,110,515
Textron, Inc. (Aerospace & Defense)
  19,317   1,436,799
Toro Co. / The (Machinery)
  4,841     413,857
Westinghouse Air Brake Technologies Corp. (Machinery)
  12,023  1,156,252
      12,998,520
Information Technology–10.4%
 		     
Ciena Corp. (Communications Equip.)
  (a) 14,517     880,166
Cisco Systems, Inc. (Communications Equip.)
  22,982   1,281,476
Cognizant Technology Solutions Corp. Class A (IT Svs.)
  18,052   1,618,723
F5, Inc. (Communications Equip.)
  (a) 1,320     275,814
FleetCor Technologies, Inc. (IT Svs.)
  (a) 4,887   1,217,156
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)
  (a) 5,446     860,304
Maximus, Inc. (IT Svs.)
  7,583     568,346
MKS Instruments, Inc. (Semiconductors & Equip.)
  4,029    604,350
       7,306,335
Materials–3.2%
 		     
BHP Group Ltd. – ADR (Metals & Mining)
  8,680     670,530
Mosaic Co. / The (Chemicals)
  13,821     919,096
Steel Dynamics, Inc. (Metals & Mining)
  8,178    682,291
       2,271,917
Real Estate–3.7%
 		     
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)
  (a) 17,813   1,630,246
Weyerhaeuser Co. (Equity REIT)
  26,370    999,423
       2,629,669
Utilities–1.1%
 		     
IDACORP, Inc. (Electric Utilities)
  6,774    781,449
Total Common Stocks (Cost $68,888,398)
    $70,963,213
    
Money Market Funds–1.4% Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.307%
  (b) 1,015,690 $ 1,015,589
Total Money Market Funds (Cost $1,015,486)
     $1,015,589
Total Investments – 102.0% (Cost $69,903,884)
  (c)   $71,978,802
Liabilities in Excess of Other Assets – (2.0)%
    (1,429,513)
Net Assets – 100.0%     $70,549,289
    
 
Percentages are stated as a percent of net assets.
    
Abbreviations:  
ADR: American Depositary Receipts
    
94
Ohio National Fund, Inc. ON AB Relative Value Portfolio (Continued)
Schedule of Investments March 31, 2022 (Unaudited) 
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2022.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
95
Ohio National Fund, Inc. ON Moderately Conservative Model Portfolio
Schedule of Investments in Unaffiliated Issuers March 31, 2022 (Unaudited) 
Open-End Mutual Funds–39.6% Shares Value
DFA Emerging Markets Portfolio Institutional
  128,613 $  3,902,115
DFA International Core Equity Portfolio Institutional
  511,238    7,811,717
PIMCO Low Duration Institutional
  2,193,675   20,817,975
PIMCO Total Return Institutional
  3,535,163   33,866,864
Vanguard International Growth Fund Admiral Class
  22,341    2,600,100
Western Asset Core Plus Bond IS
  3,136,514  33,874,349
Total Open-End Mutual Funds
    $102,873,120
Total Investments in Securities of Unaffiliated Issuers – 39.6% (Cost $107,392,351)
    $102,873,120
Total Investments in Affiliates – 60.4% (Cost $138,047,708) (see schedule below)     157,306,052
Liabilities in Excess of Other Assets – 0.0%     (110,194)
Net Assets – 100.0%     $260,068,978
    
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
 Schedule of Investments in Affiliates March 31, 2022 (Unaudited) 
    
Affiliate     Value at
January 1, 2022 		Cost of
Purchases 		Proceeds
from Sales 		Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation
(Depreciation) 		Shares at
March 31,
2022 		Value at
March 31,
2022
Open-End Mutual Funds – 60.4%                    
Fidelity Advisor® Real Estate I
    (a) $2,815,609 $102,177 $132,236 $2,772   $(188,222) 107,799 $2,600,100
ON AB Mid Cap Core Portfolio
    (a) 2,815,609 173,107 111,901 29,553   (306,268) 46,273 2,600,100
ON AB Relative Value Portfolio
    (a) 2,815,609 56,542 243,091 11,807   (40,767) 250,010 2,600,100
ON AB Small Cap Portfolio
    (a) 2,815,609 262,980 98,709 2,261   (382,041) 70,713 2,600,100
ON BlackRock Advantage International Equity Portfolio
    (a) 12,670,241 425,065 482,410 76,447   (988,893) 685,439 11,700,450
ON BlackRock Advantage Large Cap Core Portfolio
    (a) 5,631,218 125,327 232,181 47,395   (371,559) 123,140 5,200,200
ON BlackRock Advantage Large Cap Value Portfolio
    (a) 11,262,436 101,931 711,523 196,981   (449,425) 449,650 10,400,400
ON Bond Portfolio
    (a) 19,709,263 345,919 400,534 30,308   (1,484,256) 989,168 18,200,700
ON Federated Core Plus Bond Portfolio
    (a) 36,602,917 561,962 1,409,996 (2,690)   (1,950,892) 3,470,359 33,801,301
ON Federated High Income Bond Portfolio
    (a) 14,078,045 113,232 611,401 66,469   (645,845) 628,651 13,000,500
ON Janus Henderson Forty Portfolio
    (a) 2,815,609 188,899 55,801 15,292   (363,899) 81,610 2,600,100
ON Nasdaq-100® Index Portfolio
    (a) 5,631,218 316,249 254,753 97,401   (589,915) 199,931 5,200,200
ON S&P 500® Index Portfolio
    (a) 36,602,917 788,424 1,892,031 574,471   (2,272,480) 767,688 33,801,301
ON S&P MidCap 400® Index Portfolio
    (a) 14,078,045 501,097 901,231 261,300   (938,711) 521,689 13,000,500
Total Open-End Mutual Funds
          $1,409,767   $(10,973,173)   $157,306,052
    
Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of “affiliated person”, as the Portfolio directly or indirectly owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at March 31, 2022.
The accompanying notes are an integral part of these financial statements.
96
Ohio National Fund, Inc. ON Balanced Model Portfolio
Schedule of Investments in Unaffiliated Issuers March 31, 2022 (Unaudited) 
Open-End Mutual Funds–34.0% Shares Value
DFA Emerging Markets Portfolio Institutional
  1,302,320 $ 39,512,383
DFA International Core Equity Portfolio Institutional
  2,588,429   39,551,204
PIMCO Low Duration Institutional
  6,247,423   59,288,047
PIMCO Total Return Institutional
  8,260,880   79,139,229
Vanguard International Growth Fund Admiral Class
  254,505   29,619,261
Western Asset Core Plus Bond IS
  8,245,456  89,050,924
Total Open-End Mutual Funds
    $336,161,048
Total Investments in Securities of Unaffiliated Issuers – 34.0% (Cost $340,245,042)
    $336,161,048
Total Investments in Affiliates – 66.0% (Cost $544,533,510) (see schedule below)     651,623,741
Liabilities in Excess of Other Assets – 0.0%     (385,455)
Net Assets – 100.0%     $987,399,334
    
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
 Schedule of Investments in Affiliates March 31, 2022 (Unaudited) 
    
Affiliate     Value at
January 1, 2022 		Cost of
Purchases 		Proceeds
from Sales 		Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation
(Depreciation) 		Shares at
March 31,
2022 		Value at
March 31,
2022
Open-End Mutual Funds – 66.0%                    
Fidelity Advisor® Real Estate I
    (a) $10,924,811 $27,480 $353,269 $30,347   $(756,282) 409,332 $9,873,087
ON AB Mid Cap Core Portfolio
    (a) 10,924,811 52,884 10,360 2,748   (1,096,996) 175,709 9,873,087
ON AB Relative Value Portfolio
    (a) 21,849,621  — 1,857,774 74,878   (320,551) 1,898,670 19,746,174
ON AB Small Cap Portfolio
    (a) 10,924,811 480,989 36,567 11,927   (1,508,073) 268,509 9,873,087
ON BlackRock Advantage International Equity Portfolio
    (a) 87,398,485 62,471 2,090,608 325,390   (6,711,042) 4,627,106 78,984,696
ON BlackRock Advantage Large Cap Core Portfolio
    (a) 21,849,621 19,832 855,493 224,460   (1,492,246) 467,586 19,746,174
ON BlackRock Advantage Large Cap Growth Portfolio
    (a) 10,924,811 122,022 36,212 7,988   (1,145,522) 327,683 9,873,087
ON BlackRock Advantage Large Cap Value Portfolio
    (a) 54,624,053 9,397 4,016,099 1,115,446   (2,367,362) 2,134,260 49,365,435
ON BlackRock Advantage Small Cap Growth Portfolio
    (a) 21,849,621 590,454 97,275 24,401   (2,621,027) 590,319 19,746,174
ON Bond Portfolio
    (a) 54,624,053 497,529 1,747,056 139,212   (4,148,303) 2,682,904 49,365,435
ON Federated Core Plus Bond Portfolio
    (a) 87,398,485 411,406 4,178,425 (3,744)   (4,643,026) 8,109,312 78,984,696
ON Federated High Income Bond Portfolio
    (a) 32,774,432  — 1,807,377 216,236   (1,564,030) 1,432,266 29,619,261
ON Janus Henderson Forty Portfolio
    (a) 10,924,811 319,950 2,552 1,128   (1,370,250) 309,890 9,873,087
ON Nasdaq-100® Index Portfolio
    (a) 21,849,621 75,785 231,185 73,290   (2,021,337) 759,176 19,746,174
ON S&P 500® Index Portfolio
    (a) 163,872,158 104,912 8,201,718 2,584,381   (10,263,429) 3,363,532 148,096,304
ON S&P MidCap 400® Index Portfolio
    (a) 98,323,295 497 4,586,116 1,391,493   (6,271,386) 3,565,722 88,857,783
Total Open-End Mutual Funds
          $6,219,581   $(48,300,862)   $651,623,741
    
Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of “affiliated person”, as the Portfolio directly or indirectly owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at March 31, 2022.
The accompanying notes are an integral part of these financial statements.
97
Ohio National Fund, Inc. ON Moderate Growth Model Portfolio
Schedule of Investments in Unaffiliated Issuers March 31, 2022 (Unaudited) 
Open-End Mutual Funds–23.5% Shares Value
DFA Emerging Markets Portfolio Institutional
  2,373,044 $   71,998,165
DFA International Core Equity Portfolio Institutional
  7,074,808    108,103,066
PIMCO Low Duration Institutional
  2,845,954     27,008,109
PIMCO Total Return Institutional
  1,881,560     18,025,342
Vanguard International Growth Fund Admiral Class
  618,336     71,961,896
Western Asset Core Plus Bond IS
  11,685,558   126,204,025
Total Open-End Mutual Funds
      $423,300,603
Total Investments in Securities of Unaffiliated Issuers – 23.5% (Cost $417,491,764)
    $423,300,603
Total Investments in Affiliates – 76.5% (Cost $1,137,048,282) (see schedule below)     1,376,271,267
Liabilities in Excess of Other Assets – 0.0%     (609,920)
Net Assets – 100.0%     $1,798,961,950
    
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
 Schedule of Investments in Affiliates March 31, 2022 (Unaudited) 
    
Affiliate     Value at
January 1, 2022 		Cost of
Purchases 		Proceeds
from Sales 		Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation
(Depreciation) 		Shares at
March 31,
2022 		Value at
March 31,
2022
Open-End Mutual Funds – 76.5%                    
Fidelity Advisor® Real Estate I
    (a) $19,776,234 $50,505 $518,899 $85,757   $(1,403,123) 745,874 $17,990,474
ON AB Mid Cap Core Portfolio
    (a) 19,776,234 196,803 1,721 459   (1,981,301) 320,172 17,990,474
ON AB Relative Value Portfolio
    (a) 39,552,467  — 3,118,335 117,999   (571,183) 3,459,707 35,980,948
ON AB Small Cap Portfolio
    (a) 39,552,467 1,955,718 103,582 32,299   (5,455,954) 978,541 35,980,948
ON BlackRock Advantage International Equity Portfolio
    (a) 177,986,103 957,652 4,011,335 624,624   (13,642,777) 9,485,311 161,914,267
ON BlackRock Advantage Large Cap Core Portfolio
    (a) 79,104,935 65,803 2,601,560 1,009,400   (5,616,682) 1,704,047 71,961,896
ON BlackRock Advantage Large Cap Growth Portfolio
    (a) 39,552,467 635,102 82,254 32,955   (4,157,322) 1,194,190 35,980,948
ON BlackRock Advantage Large Cap Value Portfolio
    (a) 158,209,869  — 10,627,554 2,928,125   (6,586,647) 6,222,386 143,923,793
ON BlackRock Advantage Small Cap Growth Portfolio
    (a) 59,328,701 1,921,598 232,683 58,368   (7,104,562) 1,613,495 53,971,422
ON Bond Portfolio
    (a) 69,216,818 1,344,833 2,527,062 203,436   (5,271,366) 3,422,101 62,966,659
ON Federated Core Plus Bond Portfolio
    (a) 118,657,402 1,548,710 5,969,433 2,681   (6,296,515) 11,082,428 107,942,845
ON Federated High Income Bond Portfolio
    (a) 39,552,467 16,221 1,963,718 234,469   (1,858,491) 1,739,891 35,980,948
ON Janus Henderson Forty Portfolio
    (a) 39,552,467 1,383,887  —  —   (4,955,406) 1,129,346 35,980,948
ON Nasdaq-100® Index Portfolio
    (a) 59,328,701 348,315 409,611 134,633   (5,430,616) 2,075,026 53,971,422
ON S&P 500® Index Portfolio
    (a) 355,972,206 245,670 15,632,586 5,256,516   (22,013,272) 7,354,725 323,828,534
ON S&P MidCap 400® Index Portfolio
    (a) 197,762,337 265,445 8,284,634 2,489,288   (12,327,695) 7,219,291 179,904,741
Total Open-End Mutual Funds
          $13,211,009   $(104,672,912)   $1,376,271,267
    
Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of “affiliated person”, as the Portfolio directly or indirectly owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at March 31, 2022.
The accompanying notes are an integral part of these financial statements.
98
Ohio National Fund, Inc. ON Growth Model Portfolio
Schedule of Investments in Unaffiliated Issuers March 31, 2022 (Unaudited) 
Open-End Mutual Funds–20.0% Shares Value
DFA Emerging Markets Portfolio Institutional
  672,387 $ 20,400,232
DFA International Core Equity Portfolio Institutional
  1,870,963   28,588,309
PIMCO Total Return Institutional
  426,503    4,085,896
Vanguard International Growth Fund Admiral Class
  175,201   20,389,908
Western Asset Core Plus Bond IS
  756,801   8,173,453
Total Open-End Mutual Funds
     $81,637,798
Total Investments in Securities of Unaffiliated Issuers – 20.0% (Cost $77,879,427)
    $81,637,798
Total Investments in Affiliates – 80.0% (Cost $266,865,652) (see schedule below)     326,238,536
Liabilities in Excess of Other Assets – 0.0%     (153,480)
Net Assets – 100.0%     $407,722,854
    
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
 Schedule of Investments in Affiliates March 31, 2022 (Unaudited) 
    
Affiliate     Value at
January 1, 2022 		Cost of
Purchases 		Proceeds
from Sales 		Net Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation
(Depreciation) 		Shares at
March 31,
2022 		Value at
March 31,
2022
Open-End Mutual Funds – 80.0%                    
Fidelity Advisor® Real Estate I
    (a) $4,483,285 $10,492 $116,704 $18,168   $(317,259) 169,071 $4,077,982
ON AB Mid Cap Core Portfolio
    (a) 4,483,285 44,491  —  —   (449,794) 72,575 4,077,982
ON AB Relative Value Portfolio
    (a) 13,449,855  — 1,055,110 33,485   (194,285) 1,176,341 12,233,945
ON AB Small Cap Portfolio
    (a) 17,933,140 872,166 28,793 8,978   (2,473,564) 443,620 16,311,927
ON BlackRock Advantage International Equity Portfolio
    (a) 53,799,420 252,121 1,161,875 166,360   (4,120,246) 2,866,771 48,935,780
ON BlackRock Advantage Large Cap Core Portfolio
    (a) 26,899,710 1,675 865,127 334,206   (1,902,574) 579,396 24,467,890
ON BlackRock Advantage Large Cap Growth Portfolio
    (a) 8,966,570 136,785 9,729 3,917   (941,580) 270,692 8,155,963
ON BlackRock Advantage Large Cap Value Portfolio
    (a) 35,866,280  — 2,402,246 654,067   (1,494,247) 1,410,456 32,623,854
ON BlackRock Advantage Small Cap Growth Portfolio
    (a) 20,174,782 640,713 57,444 14,410   (2,421,543) 548,607 18,350,918
ON Bond Portfolio
    (a) 4,483,285 85,830 162,567 16,575   (345,141) 221,629 4,077,982
ON Federated High Income Bond Portfolio
    (a) 4,483,285 198 221,250 17,153   (201,404) 197,194 4,077,982
ON Janus Henderson Forty Portfolio
    (a) 13,449,855 473,453  —  —   (1,689,363) 383,991 12,233,945
ON Nasdaq-100® Index Portfolio
    (a) 17,933,140 53,758 67,987 23,691   (1,630,675) 627,141 16,311,927
ON S&P 500® Index Portfolio
    (a) 80,699,130 126 3,488,694 1,168,892   (4,975,784) 1,667,129 73,403,670
ON S&P MidCap 400® Index Portfolio
    (a) 51,557,777 14,568 2,099,565 625,249   (3,201,240) 1,881,894 46,896,789
Total Open-End Mutual Funds
          $3,085,151   $(26,358,699)   $326,238,536
    
Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of “affiliated person”, as the Portfolio directly or indirectly owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at March 31, 2022.
The accompanying notes are an integral part of these financial statements.
99
Ohio National Fund, Inc.
Notes to Schedules of Investments March 31, 2022 (Unaudited)  
(1)Organization
Ohio National Fund, Inc. (the “Fund”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the "40 Act"). The Fund is an open-end investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The Fund consists of twenty-three separate investment portfolios (the “Portfolios”) that seek the following objectives and strategies:
■ ON Bond Portfolio – High level of income and opportunity for capital appreciation consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in corporate debt securities.
■ ON BlackRock Balanced Allocation Portfolio – High level of long-term total return consistent with preservation of capital by investing in stocks, bonds, and money market instruments.
■ ON BlackRock Advantage International Equity Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in non-U.S. equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the MSCI EAFE Index (Net - USD).
■ ON Janus Henderson Forty Portfolio – Long-term capital growth by investing primarily in domestic and foreign equity securities selected for growth potential.
■ ON AB Small Cap Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of smaller capitalization companies with market capitalizations at the time of investment that fall within the lowest 20% of the total U.S. equity market capitalization (excluding companies with market capitalizations of less than $10 million).
■ ON AB Mid Cap Core Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of mid-capitalization companies with public stock market capitalization at the time of investment that are within the range of market capitalizations of the companies constituting the Russell Midcap® Index.
■ ON S&P 500® Index Portfolio – Total return approximating that of the Standard & Poor's 500® Index (S&P 500® Index), at a risk level consistent with that of the S&P 500® Index by investing, under normal circumstances, more than 80% of its net assets in common stock and other securities of companies that are included in the S&P 500® Index.
■ ON BlackRock Advantage Large Cap Value Portfolio – Growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of large capitalization companies with market capitalizations at the time of investment that are within the range of market capitalizations of the companies in the Russell 1000® Value Index for the previous twelve months.
■ ON Federated High Income Bond Portfolio – High current income by investing, under normal circumstances, at least 80% of its net assets in lower rated corporate debt obligations commonly referred to as "junk bonds". The Portfolio's investments are generally rated BB or lower by Standard & Poor’s or Fitch, or Ba or lower by Moody's.
■ ON Nasdaq-100® Index Portfolio – Long-term growth of capital by investing, under normal circumstances, more than 80% of its net assets in the common stocks of companies that are included in the Nasdaq-100® Index.
■ ON BlackRock Advantage Large Cap Core Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in common stocks of the 1,000 largest publicly traded U.S. companies in terms of market capitalization.
■ ON BlackRock Advantage Small Cap Growth Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of small capitalization companies with a market capitalization at the time of investment that is no greater than the largest market capitalization of a company in the Russell 2000® Index for the previous twelve months.
■ ON S&P MidCap 400® Index Portfolio – Total return approximating that of the Standard & Poor’s MidCap 400® Index (S&P MidCap 400® Index), including reinvestment of dividends, at a risk level consistent with that of the S&P MidCap 400® Index by investing, under normal circumstances, more than 80% of its net assets in the common stock and other securities included in the S& P MidCap 400® Index.
■ ON BlackRock Advantage Large Cap Growth Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of large capitalization companies with market capitalizations at the time of investment that are within the range of market capitalizations of the companies in the Russell 1000® Growth Index for the previous twelve months.
100
(continued)
Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2022 (Unaudited)  
■ ON Risk Managed Balanced Portfolio – Long-term capital growth, consistent with preservation of capital and balanced by current income. The Portfolio invests in a balanced portfolio of equity and fixed-income securities and a risk management portfolio intended to enhance the risk adjusted return of the Portfolio.
■ ON Federated Core Plus Bond Portfolio - Total return by investing, under normal circumstances, at least 80% of its net assets in fixed-income investments, primarily U.S. dollar denominated, investment-grade, fixed income securities. Investment-grade, fixed income securities are rated in one of the four highest categories (BBB- or higher) by a nationally recognized statistical rating organization (“NRSRO”).
■ ON Janus Henderson U.S. Low Volatility Portfolio - Capital appreciation by investing, under normal circumstances, at least 80% of its net assets in U.S. common stocks of companies included in the S& P 500® Index. Those stocks are selected by a mathematical investment process which seeks to achieve returns similar to those of the S&P 500® Index over the long-term with lower absolute volatility.
■ ON iShares Managed Risk Balanced Portfolio - Income and capital appreciation by investing in underlying exchange traded funds ("ETFs") and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio invests a minimum of 25% of its assets in equity investments and a minimum of 25% of its assets in fixed income investments.
■ ON AB Relative Value Portfolio - Long-term growth of capital by investing primarily in the equity securities of U.S. companies that the Portfolio's sub-adviser believes are trading at attractive valuations and that have strong or improving business models.
■ ON Moderately Conservative Model Portfolio* – Current income and moderate growth of capital with a greater emphasis on current income by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 20-40%, International Equity 5-20%, and Fixed Income 30-70%.
■ ON Balanced Model Portfolio* – A balance between growth of capital and current income with a greater emphasis on growth of capital by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 25-50%, International Equity 10-25%, and Fixed Income 25-50%.
■ ON Moderate Growth Model Portfolio* – Growth of capital and moderate current income with a greater emphasis on growth of capital by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 40-60%, International Equity 15-35%, and Fixed Income 10-30%.
■ ON Growth Model Portfolio* – Growth of capital and some current income by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 50-80%, International Equity 15-45%, and Fixed Income 0-15%.
* Collectively, the "ON Model Portfolios".
Additional detail regarding portfolio-specific objectives, policies, and investment strategies is provided in the Prospectuses and Statements of Additional Information of Ohio National Fund, Inc. There are no assurances that these objectives will be met. Each Portfolio, except the ON Nasdaq-100® Index Portfolio, is classified as diversified for purposes of Section 5(b) of the 40 Act.
At present, the Fund issues its shares to separate accounts of The Ohio National Life Insurance Company (“ONLIC”), Ohio National Life Assurance Corporation (“ONLAC”), and National Security Life and Annuity Company (“NSLA”) to support certain benefits under variable contracts issued by those entities, as well as for purchases by other Portfolios of the Fund. In the future, Fund shares may be used for other purposes but, unless there is a change in applicable law, they will not be sold directly to the public.
ONLIC and NSLA no longer market, nor issue, variable annuities. ONLIC and NSLA will continue to service the in-force variable annuity contracts, the variable separate accounts, and underlying subaccounts regardless of new sales.
Interest in each Portfolio is represented by a separate class of the Fund’s capital stock, par value $1. Each share of a Portfolio participates equally in the Portfolio’s dividends, distributions, net assets, and voting matters.
101
(continued)
Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2022 (Unaudited)  
The Fund is authorized to issue 1.55 billion of its capital shares. Of this total, shares authorized have been allocated to specific Portfolios of the Fund as follows:
Portfolio   Authorized Shares   Portfolio   Authorized Shares
ON Bond   22,000,000   ON BlackRock Advantage Large Cap Growth   42,000,000
ON BlackRock Balanced Allocation   22,000,000   ON Risk Managed Balanced   170,000,000
ON BlackRock Advantage International Equity   50,000,000   ON Federated Core Plus Bond   115,000,000
ON Janus Henderson Forty   9,000,000   ON Janus Henderson U.S. Low Volatility   155,000,000
ON AB Small Cap   7,000,000   ON iShares Managed Risk Balanced   133,000,000
ON AB Mid Cap Core   4,000,000   ON iShares Managed Risk Moderate Growth**   105,000,000
ON S&P 500® Index   50,000,000   ON iShares Managed Risk Growth**   90,000,000
ON BlackRock Advantage Large Cap Value   26,000,000   ON AB Relative Value   50,000,000
ON Federated High Income Bond   13,000,000   ON Moderately Conservative Model   36,000,000
ON Nasdaq-100® Index   22,000,000   ON Balanced Model   120,000,000
ON BlackRock Advantage Large Cap Core   17,000,000   ON Moderate Growth Model   210,000,000
ON BlackRock Advantage Small Cap Growth   8,000,000   ON Growth Model   43,000,000
ON S&P MidCap 400® Index   31,000,000        
** These Portfolios and their respective authorized shares have been approved, but are not yet in operation.
The Fund’s Board of Directors (the “Board”) periodically reallocates authorized shares among the Portfolios of the Fund and may authorize additional shares as deemed necessary.
Under the Fund’s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the risk of loss to the Fund is expected to be remote.
(2)Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements:
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Security Valuation
Investments are valued using pricing procedures approved by the Board.
Fixed income instruments that mature in sixty days or less, and of sufficient credit quality, are valued at amortized cost. Amortized cost valuation involves valuing a security at its cost initially and thereafter amortizing to maturity any discounts or premiums on the level-yield method, regardless of the impact of fluctuating market interest rates on the value of the security. In these instances, amortized cost approximates fair value.
Investments, other than those securities aforementioned, are valued as follows:
Domestic equity securities that are traded on U.S. exchanges, other than the Nasdaq Stock Market, are valued at the last trade price reported by the primary exchange of each security (4:00 pm Eastern Time for normal trading sessions). Domestic equity securities that are listed on the Nasdaq Stock Market are valued at the Nasdaq Official Closing Price (“NOCP”). Over-the-counter domestic equity securities are valued at the last trade price reported daily as of 4:00 pm Eastern Time (normal trading sessions). If, on a particular day, a domestic equity security does not trade, or otherwise cannot be priced by independent pricing services, then a broker quotation as of the end of the current trading session, the evaluated mean between the bid and ask prices, as reported by an approved independent pricing source, or a previous last trade price may be used when appropriate.
102
(continued)
Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2022 (Unaudited)  
Over-the-counter traded American Depositary Receipts ("ADRs") may also be valued at an evaluated price based on the value of the underlying securities. If a domestic equity security is not traded on a particular day, the mean between the bid and ask prices reported at 4:00 pm Eastern Time (normal trading sessions) by the primary exchange will generally be used for valuation purposes. The principal sources for market quotations are independent pricing services that have been approved by the Board.
Fixed income securities that have a remaining maturity exceeding sixty days are generally valued at the evaluated bid price reported at 4:00 pm Eastern Time (normal trading sessions), as provided by independent pricing services approved by the Board. Many fixed income securities, including investment grade and high-yield corporate bonds, U.S. Treasury and government agency obligations, and other asset-backed instruments are not actively traded on a daily basis. As such, the approved pricing services may use asset type-specific valuation models to provide good faith determinations that the holders of securities would receive in an orderly transaction under current market conditions. The valuation models may use observable market data such as recent transaction data, benchmark yields, broker/dealer inputs, valuations and yields of comparable instruments, relative credit information, observed market movements, and market research and news. Asset-backed securities and mortgage-backed securities may use valuation models that heavily consider predicted cash flows of each tranche of an issue, benchmark spreads, and unique attributes of the tranche. The last trade or last evaluated bid may be used if an evaluated bid price is not available.
U.S exchange-traded options are valued at the composite basis last sale price as reported to a Board-approved independent pricing service by the OPRA (Options Price Reporting Authority) at 4:15 pm Eastern Time (normal trading sessions). If there are no reported trades for a trading session, the evaluated composite-basis bid price, or other method will be used for valuation purposes.
Futures contracts are valued at the daily quoted settlement prices as reported by an approved independent pricing source.
Shares of open-end mutual funds are valued at each fund’s last calculated net asset value per share.
Shares of closed-end mutual funds that are traded on U.S. exchanges are valued similarly to other domestic equity securities, typically at the last trade price reported by the primary exchange of each fund (4:00 pm Eastern Time for normal trading sessions).
Foreign equity securities are initially priced at the reported close price of the exchange on which a security is primarily traded. Securities not traded on a particular day are valued at the mean between the last reported bid and ask quotes at daily close, or the last sale price when appropriate. The principal sources for market quotations are independent pricing services that have been approved by the Board.
Equity securities that are primarily traded on foreign exchanges, other than those with close times that are consistent with the normal 4:00 pm Eastern Time close of U.S. equity markets, are further subjected to fair valuation pricing procedures provided by an independent fair valuation service. The service provides data that can be used to estimate the price of a foreign issue that would prevail in a liquid market given market information available daily at 4:00 pm Eastern Time (normal trading sessions). Multiple factors may be considered in performing this valuation, including an issue’s local close price, relevant general and sector indices, currency fluctuations, and pricing of related depository receipts, exchange traded funds, and futures. The pricing procedures are performed for each individual security for which there is a fairly large degree of certainty that the local close price is not the liquid market price at the time of U.S. market close. The procedures are performed each day there is a change in a consistently used market index from the time of local close to the U.S. market close. Backtesting analysis is performed on a quarterly basis to monitor the effectiveness of these procedures. The testing is reviewed by management of the Fund and is reported to the Board. Prior results have indicated that these procedures have been effective in reaching valuation objectives.
Restricted securities, illiquid securities, or other investments for which market quotations or other observable market inputs are not readily available are valued at an estimate of value using methods determined in good faith by the Fund’s Pricing Committee under the supervision of the Board.
The differences between the aggregate cost and values of investments are reflected as unrealized appreciation or unrealized depreciation.
103
(continued)
Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2022 (Unaudited)  
Pricing inputs used in the Fund’s determination of its investment values are categorized according to a three-tier hierarchy framework. The hierarchy is summarized in three broad levels:
Level 1: Quoted prices in active markets for identical securities.
Level 2: Other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.
Level 3: Significant unobservable inputs, including the Fund’s own assumptions used to determine the value of securities.
The following is a summary of the inputs used in valuing each of the Portfolio’s assets (liabilities) at value as of March 31, 2022:
Portfolio   Financial Instrument Type   Level 1   Level 2   Level 3
ON Bond
  Corporate Bonds***   $—   $232,529,274   $—
    Asset-Backed Securities***   —   6,477,822   —
    Money Market Funds   5,126,639   —   —
        $5,126,639   $239,007,096   $ —
ON BlackRock Balanced Allocation
  Common Stocks***   $364,485,891   $—   $—
    Corporate Bonds***   —   128,319,383   —
    Asset-Backed Securities***   —   2,655,617   —
    Money Market Funds   8,776,266   —   —
        $373,262,157   $130,975,000   $ —
    Long Futures Contracts   $416,294   $—   $—
ON BlackRock Advantage International Equity
  Common Stocks***   $9,164,491   $434,062,307   $—
    Preferred Securities***   —   2,070,253   —
    Money Market Funds   9,927,888   —   —
        $19,092,379   $436,132,560   $ —
    Long Futures Contracts   $455,679   $—   $—
ON Janus Henderson Forty
  Common Stocks***   $116,806,373   $2,117,127   $—
    Warrants***   7,402   —   —
    Money Market Funds   2,818,306   —   —
        $119,632,081   $2,117,127   $ —
ON AB Small Cap
  Common Stocks***   $140,424,838   $—   $—
    Exchange Traded Funds   794,752   —   —
    Money Market Funds   1,621,198   —   —
        $142,840,788   $ —   $ —
ON AB Mid Cap Core
  Common Stocks***   $91,789,714   $—   $—
    Money Market Funds   611,363   —   —
        $92,401,077   $ —   $ —
ON S&P 500® Index
  Common Stocks***   $1,215,759,026   $—   $—
    U.S. Treasury Obligations   —   197,743   —
    Money Market Funds   8,034,303   —   —
        $1,223,793,329   $197,743   $ —
    Long Futures Contracts   $25,945   $—   $—
104
(continued)
Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2022 (Unaudited)  
Portfolio   Financial Instrument Type   Level 1   Level 2   Level 3
ON BlackRock Advantage Large Cap Value
  Common Stocks***   $299,908,651   $—   $—
    Money Market Funds   3,376,919   —   —
        $303,285,570   $ —   $ —
    Long Futures Contracts   $195,843   $—   $—
ON Federated High Income Bond
  Corporate Bonds***   $—   $152,366,114   $—
    Common Stocks***   139,836   130,156   —
    Warrants***   14,471   —   —
    Money Market Funds   3,638,250   —   —
        $3,792,557   $152,496,270   $ —
ON Nasdaq-100® Index
  Common Stocks***   $313,974,107   $—   $—
    U.S. Treasury Obligations   —   98,872   —
    Money Market Funds   1,881,298   —   —
        $315,855,405   $98,872   $ —
    Long Futures Contracts   $214,084   $—   $—
ON BlackRock Advantage Large Cap Core
  Common Stocks***   $394,719,469   $—   $—
    Money Market Funds   5,514,608   —   —
        $400,234,077   $ —   $ —
    Long Futures Contracts   $382,056   $—   $—
ON BlackRock Advantage Small Cap Growth
  Common Stocks***   $166,683,343   $—   $—
    Rights***   —   4,950   —
    Money Market Funds   3,655,043   —   —
        $170,338,386   $4,950   $ —
    Long Futures Contracts   $114,419   $—   $—
ON S&P MidCap 400® Index
  Common Stocks***   $399,494,204   $—   $—
    U.S. Treasury Obligations   —   98,872   —
    Money Market Funds   1,477,486   —   —
        $400,971,690   $98,872   $ —
    Long Futures Contracts   $10,578   $—   $—
ON BlackRock Advantage Large Cap Growth
  Common Stocks***   $71,245,690   $—   $—
    Money Market Funds   1,082,537   —   —
        $72,328,227   $ —   $ —
    Long Futures Contracts   $90,581   $—   $—
105
(continued)
Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2022 (Unaudited)  
Portfolio   Financial Instrument Type   Level 1   Level 2   Level 3
ON Risk Managed Balanced
  Common Stocks***   $195,400,739   $—   $—
    Corporate Bonds***   —   51,099,175   —
    U.S. Treasury Obligations   —   39,422,329   —
    Asset-Backed / Mortgage-Backed Securities***   —   33,617,568   —
    Purchased Options   19,909,688   12,696,420   —
    U.S. Government Agency Mortgage-Backed Securities   —   11,286,536   —
    Exchange Traded Funds   10,783,357   —   —
    Preferred Securities***   —   3,205,904   —
    Sovereign Issues   —   1,909,691   —
    Taxable Municipal Bonds   —   639,028   —
    Money Market Funds   17,615,515   —   —
        $243,709,299   $153,876,651   $ —
    Long Futures Contracts   $(5,526,531)   $—   $—
    Short Futures Contracts   $(2,209,640)   $—   $—
ON Federated Core Plus Bond
  Corporate Bonds***   $—   $254,899,017   $—
    U.S. Government Agency Mortgage-Backed Securities   —   161,892,695   —
    U.S. Treasury Obligations   —   129,062,973   —
    Investment Companies   57,496,414   —   —
    Asset-Backed / Mortgage-Backed Securities***   —   21,978,128   —
    Sovereign Issues   —   2,762,387   —
    U.S. Government Agency Issues   —   910,816   —
    Money Market Funds   15,093,027   —   —
        $72,589,441   $571,506,016   $ —
    Long Futures Contracts   $(943,258)   $—   $—
    Short Futures Contracts   $689,272   $—   $—
ON Janus Henderson U.S. Low Volatility
  Common Stocks***   $901,080,674   $—   $—
    Money Market Funds   6,056,837   —   —
        $907,137,511   $ —   $ —
ON iShares Managed Risk Balanced
  Exchange Traded Funds   $354,520,119   $—   $—
    Money Market Funds   20,986,264   —   —
        $375,506,383   $ —   $ —
    Long Futures Contracts   $2,473,988   $—   $—
    Short Futures Contracts   $1,059,431   $—   $—
ON AB Relative Value
  Common Stocks***   $70,963,213   $—   $—
    Money Market Funds   1,015,589   —   —
        $71,978,802   $ —   $ —
ON Moderately Conservative Model
  Open-End Mutual Funds   $260,179,172   $—   $—
ON Balanced Model
  Open-End Mutual Funds   $987,784,789   $—   $—
ON Moderate Growth Model
  Open-End Mutual Funds   $1,799,571,870   $—   $—
106
(continued)
Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2022 (Unaudited)  
Portfolio   Financial Instrument Type   Level 1   Level 2   Level 3
ON Growth Model
  Open-End Mutual Funds   $407,876,334   $—   $—
    
*** For detailed industry descriptions, see the accompanying Schedules of Investments.
Foreign Securities and Currency
The books and records of all the Portfolios are maintained in U.S. dollars. All investments and cash quoted in foreign currencies are valued daily in U.S. dollars on the basis of the foreign currency exchange rates provided by an independent source. These exchange rates are currently determined daily at 4:00 pm Eastern Time for normal trading sessions. Purchases and sales of foreign-denominated investments are recorded at rates of exchange prevailing on the respective dates of such transactions.
The Fund may not fully isolate that portion of the results of operations resulting from changes in foreign exchange rates from fluctuations arising from changes in market prices on foreign currency-denominated investments. For the portion that is isolated, amounts are reflected in the Statements of Operations as other foreign currency related transactions. However, for tax purposes, the Fund does fully isolate the effect of fluctuations in foreign exchange rates when determining the gain or loss upon sale or maturity of such investments to the extent required by federal income tax regulations.
All Portfolios of the Fund may invest in securities of foreign issuers. The ON BlackRock Advantage International Equity Portfolio may be invested entirely in foreign securities. Investments in securities of foreign issuers, including investments in foreign companies through the use of depositary receipts, carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that could adversely affect capital investment within those countries.
Restricted Securities
Restricted securities are typically those securities purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (“the 1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. 144A securities are issued by corporations without registration in reliance on 1933 Act provisions allowing for the private resale of unregistered securities to qualified institutional buyers. Section 4(a)(2) commercial paper is issued pursuant to Section 4(a)(2) of the 1933 Act which exempts an issue from registration. This paper may be used to finance non-current transactions, such as acquisitions, stock repurchase programs, and other long-term assets. Investments by a Portfolio in Rule 144A and Section 4(a)(2) securities could have the effect of decreasing the liquidity of a Portfolio during any period in which qualified institutional investors were no longer interested in purchasing these securities.
Investment Transactions and Related Income
For financial reporting purposes, investment transactions are accounted for on a trade date (T+0) basis. For purposes of executing separate account shareholder transactions in the normal course of business, however, the Fund’s investment transactions are recorded no later than the first calculation on the first business day following the trade date (T+1), in accordance with Rule 2a-4 of the 40 Act. Accordingly, differences between the net asset values for financial reporting and for executing separate account shareholder transactions may arise.
Dividend income is recognized on the ex-dividend date, except in the case of those Portfolios holding foreign securities, in which dividends are recorded as soon after the ex-dividend date as the Fund’s information agents become aware of such dividends.
Interest income is accrued daily as earned and includes the amortization of premium and accretion of discount using the interest method. The period of amortization or accretion extends from the purchase date to the maturity date, except for securities that are purchased at a premium and have explicit, noncontingent call features, whereby the securities are callable at fixed prices and on pre-determined dates. The premium amounts related to those securities are generally amortized to the earliest call date. Net realized gain or loss on investments and foreign exchange transactions are determined using the specific identification method. Payments received for interest-only mortgage-backed securities are included in interest income. Because no principal is received at the maturity of an interest-only security, adjustments are made to the cost of the security until maturity. These adjustments are also included in interest income on the Statements of Operations.
107
(continued)
Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2022 (Unaudited)  
Distributions to Shareholders and Federal Taxes
The Fund satisfies its distribution requirements, as required for each of the Portfolios to qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code. The Fund has the intent to continue to comply with tax provisions pertaining to regulated investment companies and make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. As such, no provisions for federal income or excise taxes have been recorded. Also, no tax-related interest or penalties have been incurred or accrued. The Board's intent is that the Fund will not initiate any realized gain distributions until any applicable capital loss carryforwards have been offset.
The character of ordinary income distributions, realized capital gains distributions, and return of capital, if any, are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains for financial reporting purposes. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, they are reclassified within the composition of net assets; temporary differences do not require such reclassification. Distributions to shareholders that exceed taxable income and net taxable realized gains are reported as return of capital distributions.
The Fund’s management and its tax agent perform an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e. greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Implementation of the evaluation included a review of tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal tax and the state of Maryland. The determination has been made that there are no uncertain tax positions that would require the Portfolios to record a tax liability or provision.
Expense Allocation
Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses that cannot be directly attributed to a Portfolio are allocated among all the benefited Portfolios on a basis of relative net assets or other appropriate method.
Foreign Withholding Taxes
Certain Portfolios in the Fund may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally withheld based on income earned. These Portfolios accrue such taxes as the related income is earned.
TBA Commitments
To-Be-Announced (“TBA”) commitments are agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date beyond the customary settlement period for such securities. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and term and be within industry-accepted “good delivery” standards. When entering into TBA commitments, a Portfolio may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.
Mortgage Dollar Rolls
A Portfolio may enter into a mortgage dollar roll (“MDR”) transaction, in which the Portfolio agrees to both sell and purchase a similar, but not identical, TBA mortgage-backed security with the same issuer, rate, and term on a later date at a set price. MDRs are treated as purchases and sales, which may have the effect of increasing portfolio turnover rates, and result in realized gains and losses based on the agreed-upon fixed prices.
New Accounting Pronouncements and Regulations
In October 2020, the Securities and Exchange Commission (the “SEC”) adopted Rule 18f-4, which governs the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 40 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Funds will be required to comply with Rule 18f-4 by August 19, 2022. It is not currently clear what
108
(continued)
Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2022 (Unaudited)  
impact, if any, Rule 18f-4 will have on the availability, liquidity, or performance of derivatives. Management of the Fund is currently evaluating the potential impact of the Rule, although it may require changes in how the Fund uses derivatives, affect performance of the Portfolios, and increase costs related to the Portfolios’ use of derivatives.
In December 2020, the SEC adopted Rules 2a-5 and 31a-4 ("Rules") that clarify how investment companies may satisfy their valuation obligations under the 40 Act. The Rules permit an investment company’s board to designate the determination of fair value to a fund's investment adviser, subject to the board's oversight and certain other conditions. The Rules also create a framework for the determination of the fair value of an investment company’s investments to establish a standard baseline for valuation practices and recordkeeping. The Rules will have a compliance date eighteen months following their effective date of March 8, 2021. Management of the Fund is evaluating the Rules to determine their potential impact on the Fund’s financial statements.
LIBOR Transition
The Portfolios may invest in certain fixed income securities that rely upon the London Interbank Offered Rate (“LIBOR”) for determination of variable interest rate terms. LIBOR is an average interest rate that banks charge one another for the use of short-term money. On March 5, 2021, the ICE Benchmark Administration, the administrator of LIBOR, stated that it will cease the publication of the overnight and one-, three-, six- and twelve-month USD LIBOR settings immediately following the LIBOR publication on Friday, June 30, 2023. The ICE Benchmark Administration ceased the publication of all other LIBOR settings, including the one-week and two-month USD LIBOR settings on December 31, 2021. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Fund’s transactions and the financial markets generally. As such, the potential effect of a transition away from LIBOR on the Fund or the Fund’s investments cannot yet be determined.
Pandemic Risks
The COVID-19 virus pandemic has continued to significantly impact the global economy and market environment. Liquidity and performance of the Portfolios may be negatively impacted as a result of ongoing economic uncertainties caused by the pandemic. The values for the investments in future financial statements may differ significantly from those presented for this period end.
Subsequent Events
ONLIC, NSLA, and certain variable separate account entities affiliated with ONLIC and NSLA were parties to a correspondence letter filed with the SEC describing their intent to execute a substitution of investment option pursuant to Commission Statement on Insurance Product Fund Substitution Applications, Release No. IC-34199. As outlined in the letter, those entities will substitute shares of an unaffiliated underlying fund currently available under certain variable contracts for shares of an affiliated fund option. In the substitution, each of ONLIC and NSLA will exercise its contractual rights to substitute shares of Franklin Multi-Asset Dynamic Multi-Strategy VIT (Class I), an external fund not affiliated with the Fund, with shares of ON Risk Managed Balanced Portfolio, an existing Portfolio of the Fund. The substitution transactions are currently planned to occur as cash redemptions of the unaffiliated fund’s shares and cash subscriptions of the ON Risk Managed Balanced Portfolio’s shares on or about the end of business May 20, 2022.
In conjunction with the substitution transactions, the Fund will enter into an expense limitation agreement with its adviser, Ohio National Investments, Inc., whereby, for a period of two years following the date of the substitution, the annual net operating expenses of the ON Risk Managed Balanced Portfolio will not exceed 1.01%, stated as an annualized ratio of the Portfolio’s total fund expenses as a percent of its net assets.
Management has evaluated events and transactions through the date the financial statements were issued, for purposes of recognition or disclosure in these financial statements, and there are no other subsequent events to report.
(3)Financial Instruments
The Portfolios may trade in financial instruments with off-balance sheet risk for hedging purposes or, otherwise, in accordance with stated investment objectives. These financial instruments may include options, futures, and foreign currency contracts that may involve, to a varying degree, elements of risk in excess of the amounts recognized on financial statements.
Options
A Portfolio may buy call and put options. In purchasing call options, a Portfolio pays the seller of the call option a premium for the right of the Portfolio to buy the underlying securities from the seller at a specified exercise price prior to the expiration of the option. In purchasing put options, a Portfolio pays the seller of the put option a premium for the right of the Portfolio to sell the underlying
109
(continued)
Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2022 (Unaudited)  
securities to the seller at a specified exercise price prior to the expiration of the option. In order to terminate its position as the purchaser of an option, the Portfolio may enter into a “closing” transaction, which is the sale of an option on the same underlying securities and having the same exercise price and expiration date as the option previously purchased by the Portfolio.
When a Portfolio purchases a put or call option, an amount equal to the premium paid is included on the Portfolio’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Portfolio enters into a closing sale transaction, a gain or loss is realized. If a Portfolio exercises a call option on an individual security, the cost of the security acquired is increased by the premium paid for the call. If the Portfolio exercises a put option on an individual security, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. If the Portfolio exercises a put option on a security index, a gain or loss is realized as determined by the premium originally paid, the exercise price and the market value of the index.
The ON Risk Managed Balanced Portfolio purchased call and put options associated with the S&P 500® Index or related exchange traded fund during the three-month period ended March 31, 2022. These instruments were used by the Risk Management Component of the Portfolio to provide for the Portfolio’s stated risk management strategy.
Purchased options are non-income producing securities.
Futures Contracts
A Portfolio may buy or sell futures contracts relating to stock indices, foreign currencies, or interest rates. Stock index futures contracts are contracts developed by and traded on national commodity exchanges whereby the buyer will, on a specified future date, pay or receive a final cash payment equal to the difference between the actual value of the stock index on the last day of the contract and the value of the stock index established by the contract multiplied by the specific dollar amount set by the exchange. Futures contracts may be based on broad-based stock indices such as the S&P 500® Index or on narrow-based stock indices. A particular index will be selected according to the Adviser’s investment strategy for the particular Portfolio. Foreign currency futures contracts are contracts traded on commodity exchanges whereby the buyer will, on a specified future date, pay or receive a final cash payment equal to the difference between the value of a stated foreign currency in relation to the U.S dollar, or other currency, on the last day of the contract and the relative value of those currencies on the date of executing the contract. Foreign currency futures may be valued by exchange rates that are based on the relative value of a variety of foreign currencies. An interest rate futures contract is an agreement whereby one party agrees to sell and another party agrees to purchase a specified amount of a specified financial instrument (debt security) at a specified price at a specified date, time and place. Although interest rate futures contracts typically require actual future delivery of and payment for financial instruments, the contracts are usually closed out before the delivery date. A public market exists in interest rate futures contracts covering primarily the following financial instruments: U.S. Treasury bonds; U.S. Treasury notes; Government National Mortgage Association ("GNMA") modified pass-through mortgage-backed securities; three-month U.S. Treasury bills; 90-day commercial paper; bank certificates of deposit; and Eurodollar certificates of deposit. U.S. futures contracts are traded on exchanges which have been designated “contract markets” by the Commodities Futures Trading Commission (“CFTC”) and must be executed through a futures commission merchant (“FCM”), or brokerage firm, which is a member of the relevant contract market.
The Fund, on behalf of each Portfolio, has filed with the National Futures Association, a notice claiming an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act, as amended, and the rules of the CFTC promulgated thereunder, with respect to each Portfolio's operation. Accordingly, the Portfolios are not subject to registration or regulation as a commodity pool operator.
The buyer or seller of a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery date. However, both the buyer and seller are required to deposit “initial margin” for the benefit of the broker when the contract is entered into. Initial margin deposits are equal to a percentage of the contract's value, as set by the exchange on which the contract is traded, and are similar to good faith deposits or performance bonds.
Unlike margin extended by a securities broker, initial margin payments do not constitute purchasing securities on margin for purposes of a Portfolio’s investment limitations. A Portfolio, its futures commission merchant and the Custodian retain control of the initial margin until the contract is liquidated. If the value of either party's position declines, the party on the side of the declining position will be required to make additional “variation margin” payments to settle the change in value on a daily basis. The party that has a gain may be entitled to receive all or a portion of this amount. Variation margin is recognized as a receivable and/or payable for variation margin on futures contracts on the Statement of Assets and Liabilities. In the event of a bankruptcy of the FCM that holds margin on behalf of a Portfolio, the Portfolio may be entitled to return of margin owed to the Portfolio only in proportion to the amount received by the FCM’s other customers. ONI and the sub-advisers will attempt to minimize this risk by carefully monitoring the creditworthiness of the FCMs with which the Portfolios do business. In addition to the margin restrictions discussed above, transactions in futures contracts and options on futures contracts may involve the segregation of funds pursuant to requirements
110
(continued)
Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2022 (Unaudited)  
imposed by the SEC. Under those requirements, where a Portfolio has a long position in a futures contract or sells a put option, it will be required to establish a segregated account (not with an FCM or broker) containing cash or certain liquid assets equal to the purchase price of the contract or the exercise price of the option (less any margin on deposit). For a short position in futures contacts held by a Portfolio or call options sold by a Portfolio, those requirements mandate the establishment of a segregated account (not with a futures commission merchant or broker) containing cash or certain liquid assets that, when added to the amounts deposited as margin, equal the market value of the instruments underlying the futures contracts or call options. However, segregation of assets is not required if a Portfolio “covers” its position.
Portions of certain Portfolios’ securities and cash holdings, as noted on those Portfolios’ Schedules of Investments, were pledged at March 31, 2022 as collateral for the Portfolios’ futures contracts. The futures contracts, except those held by the ON Risk Managed Balanced, ON Federated Core Plus Bond, and ON iShares Managed Risk Balanced Portfolios, were used for the purpose of gaining equity exposure for cash and cash equivalents, thereby seeking to lessen a performance difference between the Portfolios and their respective benchmark indices. For the ON Risk Managed Balanced Portfolio and ON iShares Managed Risk Balanced Portfolio, futures contracts were used to provide for the Portfolios' respective stated risk management strategies. For the ON Federated Core Plus Bond Portfolio, futures contracts were used by the Portfolio to manage total exposure to underlying investments, to manage interest rate risk, or to otherwise execute the Portfolio's stated investment strategy. There were other futures contracts executed and closed in the Portfolios during the three-month period ended March 31, 2022. Those contracts were executed for similar purposes as the contracts outstanding at March 31, 2022.
(4)Federal Income Tax Information
The cost basis for Federal income tax purposes may differ from the cost basis for financial reporting purposes. The table below details the unrealized appreciation (depreciation) and aggregate cost of investments at March 31, 2022 for federal income tax purposes.
  ON Bond   ON BlackRock Balanced Allocation   ON BlackRock Advantage International Equity   ON Janus Henderson Forty   ON AB Small Cap   ON AB Mid Cap Core
Gross unrealized:                      
Appreciation
$3,467,653   $51,859,222   $28,115,691   $36,852,514   $10,643,177   $8,200,892
Depreciation
(9,076,601)   (22,850,060)   (45,266,158)   (4,490,728)   (19,773,884)   (10,382,564)
Net unrealized appreciation (depreciation)
$(5,608,948)   $29,009,162   $(17,150,467)   $32,361,786   $(9,130,707)   $(2,181,672)
Aggregate cost of investments:
$249,742,683   $475,644,289   $472,831,085   $89,387,422   $151,971,495   $94,582,749
    
  ON S&P 500® Index   ON BlackRock Advantage Large Cap Value   ON Federated High Income Bond   ON Nasdaq-100® Index   ON BlackRock Advantage Large Cap Core   ON BlackRock Advantage Small Cap Growth
Gross unrealized:                      
Appreciation
$517,079,501   $22,462,870   $1,839,023   $141,768,168   $55,564,126   $19,219,681
Depreciation
(33,658,468)   (13,363,851)   (7,329,819)   (7,301,678)   (16,490,271)   (32,196,997)
Net unrealized appreciation (depreciation)
$483,421,033   $9,099,019   $(5,490,796)   $134,466,490   $39,073,855   $(12,977,316)
Aggregate cost of investments:
$740,595,984   $294,382,394   $161,779,623   $181,701,871   $361,542,278   $183,435,071
    
  ON S&P MidCap 400® Index   ON BlackRock Advantage Large Cap Growth   ON Risk Managed Balanced   ON Federated Core Plus Bond   ON Janus Henderson U.S. Low Volatility   ON iShares Managed Risk Balanced
Gross unrealized:                      
Appreciation
$100,378,854   $9,901,056   $69,552,750   $1,121,776   $84,535,077   $8,580,437
Depreciation
(24,424,077)   (3,560,587)   (33,371,387)   (44,910,127)   (33,534,317)   (19,026,636)
Net unrealized appreciation (depreciation)
$75,954,777   $6,340,469   $36,181,363   $(43,788,351)   $51,000,760   $(10,446,199)
Aggregate cost of investments:
$325,126,363   $66,078,339   $353,668,416   $687,629,822   $856,136,751   $389,486,001
111
Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2022 (Unaudited)  
  ON AB Relative Value   ON Moderately Conservative Model   ON Balanced Model   ON Moderate Growth Model   ON Growth Model
Gross unrealized:                  
Appreciation
$5,380,598   $21,925,181   $120,847,566   $264,335,560   $64,360,975
Depreciation
(3,305,680)   (12,239,111)   (45,541,373)   (90,224,703)   (19,810,034)
Net unrealized appreciation (depreciation)
$2,074,918   $9,686,070   $75,306,193   $174,110,857   $44,550,941
Aggregate cost of investments:
$69,903,884   $250,493,102   $912,478,596   $1,625,461,013   $363,325,393
112